As followers of this newsletter are aware, the US Congress has been debating legislation related to market structure over the past few months. However, discussions around crypto policy encompass a broader range of topics, including taxes, regulations for decentralized finance, the upcoming midterm elections, and more. The Consensus Miami conference, scheduled to take place next month, will delve into each of these issues in detail.
Readers are currently subscribed to the State of Crypto newsletter, which explores the intersection of cryptocurrency and government. To receive future editions, click here to sign up. Conversations in Miami Previous issues of this newsletter have highlighted the significance of policy changes related to digital assets.
Last year, US President Donald Trump signed the first major crypto-specific legislation, and regulators have since shifted their approach to enforcement actions. The US Congress has been debating the finer points of issues like stablecoin yield treatment, rather than the overall framework of a market structure bill.
In essence, the crypto industry has established itself as a major player. This was also true last year, when the crypto industry celebrated its electoral victories in 2024, and the price of bitcoin soared to over $120,000, with legislation seeming imminent. However, the situation has become somewhat less favorable 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. On a more positive note, 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 cemented 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. Additionally, the industry is looking ahead to November, when the US will elect a new Congress.
These threads will be picked up next month at Consensus Miami, which brings together key figures from the industry. The conference will feature leading 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. Congressional staffers will also be in attendance 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. A meetup for those interested in discussing the election or the broader policy landscape will also be hosted.
The Policy & Regulation Summit will be held again, featuring 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 facing lawmakers, regulators, compliance officers, and industry builders, including how decentralized finance can comply with anti-money laundering rules, how to navigate taxes in the new 1099-DA era, and what the Clarity Act entails. The summit will also examine how states are approaching the crypto sector.
A series of sessions will focus on the 2026 midterm elections, including the crypto industry's engagement with the election and what to expect when the new Congress takes office next year. Attendees 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.
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 simply a form of gambling, or do they represent a novel financial instrument?
And who should regulate these products? These questions may eventually be addressed by the US Supreme Court, but they will be previewed at Consensus on May 7.
This week Tuesday For feedback or suggestions on future topics, please email nik@coindesk.com or find me on Bluesky @nikhileshde.bsky.social. You can also join the group conversation on Telegram.
Until next week.