As this newsletter's readers are aware, Congress has been debating market structure legislation for several months, but crypto policy discussions encompass numerous other issues, including taxes, decentralized finance regulations, the upcoming midterm election, and state-level approaches. The Consensus Miami conference, scheduled for next month, will delve into each of these topics in depth. This newsletter examines the intersection of cryptocurrency and government.
To receive future editions, click here to sign up. Conversations in Miami As noted in previous issues, significant policy changes surrounding digital assets have become increasingly important. Last year, U.S. President Donald Trump signed the first substantial crypto-specific legislation, and regulators have drastically altered their enforcement approach.
Congress has been debating the finer details of issues like stablecoin yield treatment, rather than the broad outlines of a potential market structure bill. In other words, cryptocurrency has become a mainstream issue.
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. However, the situation has become somewhat less favorable this year, with crypto prices remaining largely stagnant amid broader economic stresses, and time is running out for Congress to pass market structure legislation in its current form.
On a positive note, regulators have begun proposing rules for stablecoin companies based on the GENIUS Act, lawmakers are 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 is still seeking tax reform, including a de minimis exemption for crypto transactions, hoping that the market structure bill will become law without overly burdening the industry, and looking ahead to November, when the U.S. will elect the next Congress.
We will be exploring these topics in more depth next month 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 Patrick Witt, and Congressional staffers over the course of three days. 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 in general.
Additionally, we are reviving the Policy & Regulation Summit: a full 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 handle 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 how the crypto industry is engaging 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 are they a novel financial instrument?
And who should regulate these products? These questions are likely to be addressed by the U.S. Supreme Court, but we will preview the arguments for you on May 7. You can attend the event using a discount code available through the link and say hello.
This week Tuesday If you have thoughts or questions about what to discuss next week or any other feedback, 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.