As readers of this newsletter may be aware, Congress has spent the last few months debating market structure legislation, but cryptopolitical discussions encompass so many more topics than just that one: taxes, decentralized financial regulations, midterm elections, states, and so much more. CoinDesk’s Consensus Miami conference next month will examine each of these questions in depth.
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This newsletter has previously noted how significant policy changes around digital assets have become. Last year saw US President Donald Trump sign the first significant crypto-specific legislation. Regulators have completely changed their approach to enforcement actions. Congress has spent the last few months debating not the broad outlines of what a market structure bill might look like, or whether we want a bill at all, but the finer details of issues like the treatment of stablecoin dividends.
In other words: Crypto has done it.
This was true last year, to be fair. The crypto industry, fresh off its 2024 election victories, took a victory lap like bitcoins the price rose to over $120,000 and legislation seemed imminent. Things have soured a bit this year; Crypto prices have been largely stagnant amid broader economic stress, and time is running out for Congress to pass market structure legislation in its current form. It’s not all bad news: regulators have begun proposing regulations for stablecoin companies based on last year’s GENIUS Act, lawmakers are seriously considering reforms to US crypto tax policy, and it really seems like this industry has cemented itself to the point where it can’t be dismissed.
So what’s next? The industry is still seeking tax reform, with a de minimis exemption for crypto transactions in hopes that the market structure bill becomes law without burdening the industry too much and – of course – look forward to November when the US elects the next Congress.
We’ll pick up on these threads next month at Consensus Miami, our annual shindig that brings together pretty much everyone.
You’ll hear from leading lawmakers like Senators Kirsten Gillibrand and Ashley Moody, regulators like CFTC Chairman Mike Selig and White House crypto point Patrick Witt and congressional staffers across 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 of the bill. We also hold a meeting for people interested in chatting about the election or just generally about the political landscape.
And we’re bringing back the Policy and Regulation Summit: a full day and a full stage, dedicated to exploring key policy and regulatory issues in depth.
The policy summit is designed to explore some of the biggest questions legislators, regulators, compliance officers and/or developers need to answer right now, including whether or how decentralized finance can comply with anti-money laundering regulations, how to handle taxes in the new 1099-DA era, what the deal is with the Clarity Act and how states are approaching this sector.
We’ll have a whole 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.
Along the way, we’ll hear from people 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 so many others.
We’ll wrap up the policy summit — and really the entire consensus — with a debate on one of the biggest topics in the country right now: prediction markets. Are they just gambling? Or are prediction markets a new financial instrument? And who will regulate these products?
These issues will likely end up before the US Supreme Court, but we’ll preview the arguments for you on May 7. Come by (discount code in the link) and say hello.
Tuesday
- 14:00 UTC (10:00 ET) The Senate Banking Committee will hold the nomination hearing for Kevin Warsh, Donald Trump’s pick to lead the Federal Reserve.
If you have thoughts or questions about what I’ll be discussing next week or any feedback you’d like to share, feel free to email me at [email protected] or find me at Bluesky @nikhileshde.bsky.social.
You can also join the group conversation on Telegram.
See you next week!
