As this newsletter's readers may be aware, Congress has been debating market structure legislation for the past few months, but the scope of crypto policy discussions extends far beyond this single issue, encompassing topics such as taxes, decentralized finance regulations, the upcoming midterm election, 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 the State of Crypto newsletter, a CoinDesk publication. To receive future editions, click here to sign up.
Miami Discussions This newsletter has previously noted the significance of policy changes related to digital assets. Last year, U.S.
President Donald Trump signed the first substantial crypto-specific legislation, marking a significant milestone. Regulators have also completely revamped their approach to enforcement actions. Recently, Congress has been debating the finer points of issues such as the treatment of stablecoin yield, rather than the broader outlines of a market structure bill or whether such a bill will even be passed. In other words, cryptocurrency has officially arrived.
Although this was also true last year, the crypto industry, fresh from its electoral victories in 2024, took a victory lap as the price of bitcoin soared to over $120,000 and legislation seemed imminent. However, things have taken a turn for the worse this year, with crypto prices largely stagnant amidst broader economic stresses and time running out for Congress to pass market structure legislation in its current form. Despite this, it's not all bad news: regulators have begun proposing rules for stablecoin companies based on last year's GENIUS Act, lawmakers are seriously considering reforms to U.S. crypto tax policy, and the industry appears to have cemented its position to the point where it can no longer be dismissed.
So, what's next? The industry is still seeking tax reform, specifically a de minimis exemption for crypto transactions, and hoping that the market structure bill will become law without overly burdening the industry. Additionally, the industry is looking ahead to November, when the U.S.
will elect the next Congress. We will pick up these threads next month at Consensus Miami, our annual event that brings together virtually everyone in the industry. You will hear from leading lawmakers such as Senators Kirsten Gillibrand and Ashley Moody, regulators like CFTC Chairman Mike Selig and the White House's crypto point man Patrick Witt, and Congressional staffers throughout the three-day conference.
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 individuals interested in discussing the election or the policy landscape in general.
We are also bringing back 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 address some of the most pressing questions that lawmakers, regulators, compliance officers, and builders must answer, including whether and how decentralized finance can comply with anti-money laundering rules, how to navigate taxes in the new 1099-DA era, what the Clarity Act entails, and how states are approaching this sector.
We will have a series of sessions focused on the 2026 midterm election, 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 merely a form of gambling, or are they a novel financial instrument? And who should regulate these products? These questions are likely to end up before the U.S.
Supreme Court, but we will preview the arguments for you on May 7. Come join us (discount code 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, feel free 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!