As subscribers to this newsletter are likely aware, Congress has been engaged in market structure legislation debates for several months, but the scope of crypto policy discussions extends far beyond this single issue, encompassing topics such as taxation, decentralized finance regulations, the upcoming midterm elections, and state-level developments. CoinDesk's Consensus Miami conference, scheduled for next month, will delve into each of these topics in detail.
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Miami Discussions This newsletter has previously noted the significance of recent policy changes related to digital assets. Last year, U.S. 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 points of issues like stablecoin yield treatment, rather than the broader outlines 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, when the industry celebrated its electoral victories in 2024, and bitcoin's price soared to over $120,000, with legislation appearing imminent. However, the landscape has become somewhat more challenging 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.
Despite this, 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 established itself to the point where it can no longer be dismissed. So, what's next?
The industry continues to seek 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. Additionally, the industry is looking ahead to November, when the U.S. will elect a new Congress. We will be exploring these topics in more depth next month at Consensus Miami, our annual event that brings together a wide range of participants.
You will have the opportunity to hear from prominent lawmakers, such as Senators Kirsten Gillibrand and Ashley Moody, regulators like CFTC Chairman Mike Selig and the White House's crypto point person, Patrick Witt, as well as 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 those interested in discussing the election or the policy landscape more broadly. Furthermore, we are bringing back the Policy & Regulation Summit, an entire day and stage dedicated to in-depth exploration of key policy and regulatory issues. 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, the implications of the Clarity Act, and how states are approaching this sector. We will have a series of sessions focused on the 2026 midterm election, including the crypto industry's engagement with the election and what to 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: 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 considered by the U.S.
Supreme Court, but we will preview the arguments for you on May 7. Join us (use the 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.