As subscribers to this newsletter are aware, the US Congress has been engaged in debates over market structure legislation for the past few months. However, discussions on crypto policy encompass a broader range of topics, including taxes, regulations on decentralized finance, the upcoming midterm elections, and more. CoinDesk's Consensus Miami conference, scheduled for next month, will delve into each of these issues in detail.
This newsletter examines 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 shifts surrounding digital assets have become increasingly important. Last year, former US President Donald Trump signed the first substantial crypto-specific legislation.
Regulators have also drastically altered their approach to enforcement actions. The recent Congressional debates have focused on the finer aspects of issues such as the treatment of stablecoin yield, rather than the overall framework of a market structure bill.
In essence, cryptocurrency has established itself as a major player. Although this was also true last year, the crypto industry, following its electoral victories in 2024, celebrated as the price of bitcoin soared to over $120,000, and legislation seemed imminent. This year, however, the situation has become somewhat less favorable, with crypto prices remaining largely stagnant due to broader economic stress, and time 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.
It is also looking ahead to November, when the US will elect the next Congress. These topics will be discussed in more detail at Consensus Miami, our annual event that 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, as well as Congressional staffers over the course of three days. 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. 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 address some of the most pressing questions that lawmakers, regulators, compliance officers, and industry 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, and what the Clarity Act entails, as well as 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 to expect next year when the new Congress takes over. Throughout the event, 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: prediction markets.
Are they merely a form of gambling, or do they represent a novel financial instrument? And who should regulate these products?
These questions are likely to be addressed by the US Supreme Court, but we will preview the arguments for you on May 7. Feel free to 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, please do not 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.