As this newsletter's readers are aware, the US 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 midterm elections, and more. The Consensus Miami conference, scheduled to take place next month, will delve into each of these topics in depth. The intersection of cryptocurrency and government is a key area of focus for this newsletter, State of Crypto.
To sign up for future editions, click here. Conversations in Miami will center around the significant policy changes affecting digital assets. Last year, US President Donald Trump signed the first substantial crypto-specific legislation, and regulators have since shifted their approach to enforcement actions.
Congress has been debating the finer details of issues like stablecoin yield treatment, rather than the broader aspects of a potential market structure bill. In essence, the crypto industry has achieved a level of recognition and acceptance. This was also true last year, following the industry's electoral wins in 2024, when bitcoin's price soared to over $120,000 and legislation seemed imminent.
However, this year has seen crypto prices stagnate amidst 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 cemented its position to the point where it can no longer be dismissed.
The industry is still seeking tax reform, including a de minimis exemption for crypto transactions, and hopes that the market structure bill will become law without overly burdening the industry. The upcoming November elections, which will determine the next Congress, are also a key focus. These topics will be explored in depth at Consensus Miami, which will bring together leading lawmakers, regulators, and industry experts.
Speakers will include Senators Kirsten Gillibrand and Ashley Moody, regulators like CFTC Chairman Mike Selig, and White House point man on crypto Patrick Witt. 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. The Policy & Regulation Summit will be a key part of the conference, with an entire day dedicated to exploring key policy and regulatory issues.
The summit will examine questions such as whether decentralized finance can comply with anti-money laundering rules, how to deal with taxes in the new 1099-DA era, and 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 next year when the new Congress takes over.
The summit will feature speakers deeply embedded in the policymaking process, including SEC Crypto Task Force chief Taylor Lindman, former IRS officials Seth Wilks and Raj Mukherjee, and the National Futures Association's Lucy Hynes. The Policy Summit will conclude with a debate on one of the most significant topics in the country: prediction markets.
Are they a form of gambling, or a novel financial instrument? And who should regulate these products?
These questions are likely to be considered by the US Supreme Court, but the conference will preview the arguments on May 7. This week, readers can share their thoughts and feedback by emailing nik@coindesk.com or finding the author on Bluesky @nikhileshde.bsky.social.
A group conversation is also available on Telegram.