As regular readers of this newsletter are aware, the US Congress has been engaged in intense debates over market structure legislation in recent months. However, the scope of crypto policy discussions extends far beyond this single issue, encompassing a wide range of topics including taxes, decentralized finance regulations, the upcoming midterm elections, and the roles of individual states. Next month, CoinDesk's Consensus Miami conference will delve into each of these areas in depth.
The intersection of cryptocurrency and government is a complex and rapidly evolving field, and this newsletter is dedicated to exploring the latest developments. To stay up-to-date on future editions, click here to sign up. Conversations in Miami will focus on the significant policy changes that have taken place in the digital assets space.
Last year, US President Donald Trump signed the first major crypto-specific piece of legislation, marking a significant shift in the regulatory landscape. Additionally, regulators have completely overhauled their approach to enforcement actions, and Congress has been debating the finer points of issues such as the treatment of stablecoin yield. In essence, the crypto industry has finally achieved mainstream recognition. This was already evident last year, when the industry celebrated a series of electoral victories in 2024 and the price of bitcoin soared to over $120,000, with legislation seeming imminent.
Although the crypto market has experienced a downturn this year, with prices remaining largely stagnant amidst broader economic stresses and time running out for Congress to pass market structure legislation in its current form, there are still reasons to be optimistic. Regulators have begun proposing rules for stablecoin companies based on last year's GENIUS Act, lawmakers are seriously 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 for the industry? The push for tax reform continues, with a de minimis exemption for crypto transactions being a key goal, and the market structure bill is still a major priority.
Of course, the industry is also looking ahead to the November elections, when the US will choose its next Congress. These threads will be picked up next month at Consensus Miami, our annual event that brings together virtually everyone in 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 (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 broader policy landscape. We are also bringing back the Policy & Regulation Summit, a dedicated day and stage for exploring key policy and regulatory issues in-depth. The policy summit is designed to tackle some of the biggest 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, what the Clarity Act means for the industry, and how states are approaching this sector. We will have a series of sessions focused on the 2026 midterm elections, including how the crypto industry is engaging with the election and what we can expect next year when the new Congress takes over.
Throughout the summit, we will hear from individuals deeply embedded 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 close the Policy Summit, and Consensus as a whole, with a debate on one of the most significant topics in the country right now: prediction markets. Are they simply a form of gambling, or do they represent a novel financial instrument? And who should be responsible for regulating these products?
These questions are likely to end up before the US Supreme Court, but we will preview the arguments for you on May 7. Come join us (discount code in the link) and say hello. This week Tuesday If you have thoughts or questions about what we 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!