As subscribers to this newsletter are aware, the US Congress has been debating market structure legislation for the past few months. However, discussions around crypto policy encompass a wide range of issues, including taxes, regulations for decentralized finance, the upcoming midterm elections, and more.
The Consensus Miami conference, scheduled for next month, will delve into each of these topics in depth. This newsletter explores the intersection of cryptocurrency and government. To receive future editions, click here to sign up. Conversations in Miami As previously noted in this newsletter, significant policy changes related to digital assets have been taking place.
Last year, US President Donald Trump signed the first substantial crypto-specific legislation. Regulators have also shifted their approach to enforcement actions. Recently, Congress has been debating the finer details of issues like the treatment of stablecoin yield, rather than the broader aspects of a market structure bill.
In essence, cryptocurrency has become a recognized entity. Although this was also true last year, the crypto industry took a victory lap after its electoral wins in 2024, with bitcoin's price soaring to over $120,000 and legislation seeming imminent. This year, however, crypto prices have been largely stagnant due to broader economic stresses, and time is running out for Congress to pass market structure legislation in its current form.
Despite this, regulators have begun proposing rules for stablecoin companies based on the GENIUS Act, lawmakers are 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 is still seeking tax reform, including a de minimis exemption for crypto transactions, and hoping that the market structure bill will become law without overly burdening the industry.
The upcoming midterm elections in November, when the US will choose the next Congress, are also a key focus. These threads will be picked up next month at Consensus Miami, which brings together leading figures from the industry. The conference will feature prominent lawmakers such as Senators Kirsten Gillibrand and Ashley Moody, regulators like CFTC Chairman Mike Selig and the White House's point man on crypto, Patrick Witt, as well as Congressional staffers over the three-day event.
Congressman Steven Horsford, who recently introduced a new version of the Parity Act to address crypto taxation, will participate in a discussion about the bill. A meetup for those interested in discussing the election or the policy landscape in general will also be hosted. The Policy & Regulation Summit will be held again, with an entire day and stage dedicated to exploring key policy and regulatory issues in-depth. The policy summit is designed to address some of the most pressing questions that lawmakers, regulators, compliance officers, and builders must answer, including how decentralized finance can comply with anti-money laundering rules, how to deal with taxes in the new 1099-DA era, and what the Clarity Act entails.
The summit will also examine how states are approaching this sector. A series of sessions will focus on the 2026 midterm elections, including how the crypto industry is engaging with the election and what to expect next year when the new Congress takes over. The conference will feature speakers 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.
The Policy Summit, and Consensus as a whole, will conclude with a debate on one of the most significant topics in the country: prediction markets. Are they merely a form of gambling, or a novel financial instrument? And who should regulate these products? These questions may eventually be decided by the US Supreme Court, but the conference will preview the arguments on May 7.
This week Tuesday If you have thoughts or questions about what to discuss next week or any other feedback, feel free to email 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.