As subscribers to this newsletter are aware, the US Congress has been engaged in debates over market structure legislation for the past few months. However, discussions about crypto policies encompass a wide range of issues beyond this single topic, including taxation, regulations on decentralized finance, the upcoming midterm elections, and more. The Consensus Miami conference, hosted by CoinDesk next month, will delve into each of these topics in detail.
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Conversations in Miami As previously noted in this newsletter, significant policy changes related to digital assets have become increasingly important. Last year, US President Donald Trump signed the first substantial crypto-specific legislation, marking a turning point. Regulators have also shifted their approach to enforcement actions.
The recent debates in Congress have focused on the finer details of issues such as the treatment of stablecoin yields, rather than the broader aspects of a potential market structure bill. In essence, the crypto industry has established itself as a major player. Although this was also true last year, the industry is now facing new challenges. Following its electoral victories in 2024, the crypto industry experienced a surge in bitcoin prices, reaching over $120,000, and legislation seemed imminent.
However, this year has seen crypto prices stagnate amid broader economic stresses, and time is running out for Congress to pass market structure legislation in its current form. Despite these challenges, regulators have begun proposing rules for stablecoin companies based on the GENIUS Act, and lawmakers are considering reforms to US crypto tax policies.
The industry has solidified its position to the point where it can no longer be dismissed. So, what's next? The industry is still seeking tax reforms, including a de minimis exemption for crypto transactions, and hoping 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. We will be exploring these topics in more depth 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 point man on crypto, Patrick Witt. Congressional staffers will also be in attendance throughout the three-day conference.
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. Additionally, we will host a meetup for those interested in discussing the election or the broader policy landscape.
We are also bringing back the Policy & Regulation Summit, which will dedicate an entire day and stage to exploring key policy and regulatory issues in-depth. The policy summit is designed to address some of the most pressing questions facing lawmakers, regulators, compliance officers, and industry builders. These include whether decentralized finance can comply with anti-money laundering rules, how to navigate taxes in the new 1099-DA era, and what the Clarity Act entails.
We will also examine how states are approaching this sector. A series of sessions will focus on the 2026 midterm elections, including how the crypto industry is engaging with the election and what to expect when the new Congress takes office next year.
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. 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 simply a form of gambling, or do they represent a novel financial instrument?
Who should regulate these products? These questions are likely to be considered by the US 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 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.