As subscribers to this newsletter are aware, the US Congress has been debating market structure legislation for several months, but the scope of crypto policy discussions extends far beyond this single issue, encompassing topics such as taxation, decentralized finance regulations, the upcoming midterm elections, and more. The Consensus Miami conference, scheduled to take place next month, will delve into each of these topics in detail.
The intersection of cryptocurrency and government is the focus of State of Crypto, a newsletter published by CoinDesk. To receive future editions, click here to sign up. Discussions in Miami As noted in previous issues of this newsletter, significant policy changes related to digital assets have occurred. Last year, US President Donald Trump signed the first substantial piece of legislation specifically targeting cryptocurrency.
Furthermore, regulators have shifted their approach to enforcement actions. In recent months, Congress has been debating the finer points of issues such as the treatment of stablecoin yield, rather than the broader aspects of market structure legislation. In essence, cryptocurrency has established itself as a major player.
Although this was also true last year, the crypto industry, fresh from its electoral victories in 2024, celebrated as the price of bitcoin soared to over $120,000 and legislation seemed imminent. However, the situation has become somewhat more challenging this year, with crypto prices remaining largely stagnant amidst broader economic stresses and time running out for Congress to pass market structure legislation in its current form.
Despite this, there are positive developments: regulators have begun proposing rules for stablecoin companies based on the GENIUS Act, lawmakers are seriously considering reforms to US crypto tax policy, and the industry appears to have solidified its position to the point where it can no longer be dismissed. So, what's next? The industry continues to seek tax reforms, including a de minimis exemption for crypto transactions, and hopes that the market structure bill will become law without overly burdening the industry.
Additionally, it is looking ahead to November, when the US will elect the next Congress. We will revisit these topics next month at Consensus Miami, our annual event that brings together virtually everyone in the industry. The conference will feature leading lawmakers, including Senators Kirsten Gillibrand and Ashley Moody, regulators such as CFTC Chairman Mike Selig and the White House's point man on crypto, Patrick Witt, as well as Congressional staff members over the course of three days.
Congressman Steven Horsford (D-Nev.), who recently introduced a new version of the Parity Act to address crypto taxation, will participate in a discussion about the bill. We will also host a meetup for those interested in discussing the election or the policy landscape in general. Furthermore, we are reviving the Policy & Regulation Summit: an entire day and stage dedicated to exploring key policy and regulatory issues in-depth.
The policy summit is designed to explore some of the most pressing questions that lawmakers, regulators, compliance officers, and builders must address, including whether and how decentralized finance can comply with anti-money laundering rules, how to deal with taxes in the new 1099-DA era, the implications of the Clarity Act, and how states are approaching this sector. We will have a series of sessions focused on the 2026 midterm elections, including how the crypto industry is engaging with the election and what we can expect next year when the new Congress takes office.
Along the way, we will hear from individuals deeply involved in the policymaking process, such as SEC Crypto Task Force chief Taylor Lindman, former IRS officials Seth Wilks and Raj Mukherjee, and the National Futures Association's Lucy Hynes, among many others. We will conclude the Policy Summit, and Consensus as a whole, with a debate on one of the most significant topics in the country right now: prediction markets. Are they simply a form of gambling, or are they a novel financial instrument? And who should regulate these products?
These questions are likely to be considered by the US Supreme Court, but we will preview the arguments for you on May 7. Feel free to join us (discount code available in the link) and say hello. This week Tuesday If you have thoughts or questions about what I should discuss next week or any other feedback you'd like to share, please don't hesitate to email me at nik@coindesk.com or find me on Bluesky @nikhileshde.bsky.social.
You can also join the group conversation on Telegram. See you all next week