As subscribers to this newsletter are aware, the US Congress has been engaged in intense debates on market structure legislation over the past few months. However, the scope of crypto policy discussions extends far beyond this single issue, encompassing topics such as taxation, regulations for decentralized finance, the upcoming midterm elections, and the roles of individual states, among many others. The Consensus Miami conference, scheduled to take place next month, will delve into each of these issues in depth. Readers are perusing the State of Crypto newsletter, a CoinDesk publication that examines the intersection of cryptocurrency and government.
To receive future editions, click here to sign up. Conversations in Miami This newsletter has previously noted the significance of policy changes related to digital assets. Last year, US President Donald Trump signed the first substantial piece of legislation specifically targeting crypto. Regulators have also undergone a significant shift in their approach to enforcement actions.
While Congress has been debating the finer points of issues like stablecoin yield treatment, the broader contours of a potential market structure bill remain uncertain. In essence, cryptocurrency has cemented its place in the mainstream.
Although this was also true last year, the crypto industry, fresh from its electoral victories in 2024, saw bitcoin's price soar to over $120,000, and legislation seemed imminent. This year, however, the crypto market has been largely stagnant due to 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 last year's GENIUS Act, and lawmakers are considering reforms to US crypto tax policy.
The industry has become too entrenched to 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 placing an undue burden on the industry. The US will also elect a new Congress in November.
These threads will be picked up next month at Consensus Miami, our annual gathering that brings together nearly everyone in the industry. Attendees will hear from prominent lawmakers, including Senators Kirsten Gillibrand and Ashley Moody, regulators like CFTC Chairman Mike Selig, and the White House's point man on crypto, Patrick Witt.
Congressional staffers will also participate in the three-day conference. Congressman Steven Horsford (D-Nev.), who recently introduced a new version of the Parity Act to address crypto taxation, will engage 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 tackle some of the most pressing questions facing lawmakers, regulators, compliance officers, and industry builders, including whether decentralized finance can comply with anti-money laundering rules, how to navigate taxes in the new 1099-DA era, and the implications of the Clarity Act. We will also examine how states are approaching this 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 office. Throughout the summit, 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. The Policy Summit, and Consensus as a whole, will conclude 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 may eventually be decided by the US Supreme Court, but we will preview the arguments for you on May 7. Feel free to attend (a discount code can be found in the link) and say hello.
This week Tuesday If you have thoughts or questions about what to discuss next week or any other feedback, please email 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