The digital asset industry is pushing for a major legislative breakthrough on Capitol Hill.
Lawmakers are finally closing in on a federal framework, but we saw a significant bipartisan compromise in the Senate designed to settle the long-standing debate over stablecoin yields, with the Treasury Secretary now urging Congress to act. momentum for an immediate committee markup is rapidly building, but banking groups are pulling some of the hopes.
They say the yield compromise falls short because it's not.
A full ban on interest payments.
Well, the big question is whether Washington can actually get this legislation across the finish line ahead of the midterm elections.
Well, joining me to talk about this push for clarity in Miami is Cody Carbone, CEO of Digital Chamber.
Cody, great to see you here.
Thank you so much for joining me.
Of course, great to be here, Remy.
Well, we are kicking off this 3 day conference Consensus 2026.
What do you think of some of the progress that we've made so far and How far are we from actually getting the clarity passed?
We're finally on the precipice.
I would say we're on the 1 yard line.
Things are all coming together.
There is momentum from all stakeholders involved Republicans, Democrats in Congress, the White House, industry stakeholders.
We are very close.
So I expect that this week there will be some major announcements, hopefully some scheduling announcements, and we'll get that markup, as you alluded to in the Senate Banking Committee.
And finally this bill to the president's desk.
We need to pass market structure legislation.
Yeah, and it's really interesting because this theme for the conference consensus is convergence, and indeed we are seeing a convergence whether we're talking about the banks or the decentralized finance space.
There are policymakers as well as innovators and also media here on the ground in Miami, but here we are in May, right, and we're just coming off of tax season.
So what do you think needs to happen when it comes to taxes on crypto?
Especially when it comes to consumer protection, because this tax season was a bit confusing.
Oh yeah, and market structure legislation is critical, but until we get tax clarity in the digital asset space, then the US will never be the crypto capital of the world.
So many of these tokens will continue to be issued offshore in more tax-friendly jurisdictions.
The tax guidance that is in place for the digital asset space is over a decade old.
The IRS needs to act.
There's legislation that is.
Being proposed in Congress right now, there's the Digital Asset Parity Act out of the House.
It's a bipartisan bill from Congressman Horsford, Democrat from Nevada, and Congressman Miller, a Republican from Ohio.
We are going to be pushing tax legislation very, very hard.
People need to be comfortable using their Bitcoin, using their Ethereum, their Solana right now.
They can't because there's tax burdens there.
We need to make very, very clear the tax reporting language, and we need a legislation to do that.
Yeah, and while I have you here, Cody, I do want to ask you about prediction markets because on a regular day we have all of our devices, right, whether we're talking about our laptops or our smartphones, and there's so much happening in the world, whether we're talking about politics, geopolitics, or sports, or even the markets, right?
So what do you think needs to happen when it comes to prediction markets because we can harness some of what's unfolding.
Holding in this space, but there need to be federal guidelines.
This is the topic du jour.
This is what everyone is talking about in DC while we're pushing digital asset legislation.
Prediction markets is taking up all of the oxygen, and so we're getting involved with the digital chamber because we like to advocate for responsible disruption and innovation.
There needs to be a federal framework for prediction markets, and we are making sure and working with the CFTC, working with members of Congress to make sure that.
The CFTC has exclusive jurisdiction over prediction markets.
We are very hopeful that we will see a rulemaking from the CFTC soon.
We just responded to an advanced notice of proposed rulemaking from the CFTC to make sure they do have exclusive jurisdiction.
We're going to be getting involved in some of the enforcement actions that are happening at the state level and at the CFTC are bringing, providing amicus briefs.
Prediction markets provide a new way to be informed.
And people want them.
They view the prediction market space is exploding.
Retail users from all across the world are tapping into these markets.
If we want the US to lead, we need clear rules.
We can't have this fragmentation of the states and the federal government fighting against each other.
The CFTC has exclusive jurisdiction here.
They've had exclusive jurisdiction.
Over event contracts for a long time, we're going to make sure that continues to be the case.
Yes, and Cody, finally, before I let you go, we are here in Miami and you will be taking the stage this week with Senator Moody.
So tell us right now with so much positive momentum happening in DC, what is your main message to the senator?
My main message to the senators, it's time to be a champion.
It's time to lead, and she's done a great job.
This is her home state of Florida.
She is new to the US Senate, and the fact that she's showing up here means the world, that the members of Congress are starting to meet us on our home turf here at consensus at the digital asset conferences.
The roster of champions on Capitol Hill is growing wildly, Republicans and Democrats.
If you look at what the Clarity Act passed the House, Last year it was over almost 100 Democrats joined almost every Republican in supporting it.
So my message to her is that it's time to act.
We need digital asset legislation now.
She's not on a committee of jurisdiction.
She's not on Senate Banking.
She's not on Senate Agriculture Committee, but she's here saying, I want to be a leader in this space.
Every member of Congress needs to be informed about crypto, about digital assets.
Her constituents are demanding.
It, the institutions in their jurisdiction are demanding it for the US to lead.
We need every member of Congress to have an informed opinion.
They might not like it.
Not all of them are going to like it, but I'm really hopeful that my message to her is, hey, it's time to pass legislation.
We can't delay anymore.
Other jurisdictions are taking advantage of the US delay.
We need to make sure the US leads for national security, economic security, and I hope that resonates with her.
Yeah, and Cody, I have one more question for you before I let you go.
So I would say consensus 2026, it's quite unlike other industry conferences, right, because you have the big banks, you have DeFI, you have policymakers, but the attendees, it's quite an eclectic crowd here.
So given some of the conversations. as well as some of the side events that you've attended so far.
What is the mood like and what are some of the conversations that are actually taking place on the ground?
The mood is overwhelmingly optimistic.
Everyone feels this energy and momentum.
While the market may be down and the prices might not be where they were a year ago or where everyone would like them to be.
Everyone is on board saying, OK, we understand that this is the future.
To your point, if you look at the attendees that are here in this room, it is the traditional financial institutions.
There really is a consensus and a convergence happening right now.
It's because everyone sees the benefits of this technology, whether it's for settlement or transactions or providing liquidity or for retail access to 24/7 markets.
Everyone is saying, OK, this is a better way of doing finance, and so everyone is overwhelmingly optimistic.
The conversations on the ground when they.
Talk to me about when are we going to get the market structure bill and for the first time I can tell them, hey, I see the light at the end of the tunnel.
I am very optimistic we'll get progress in the next few weeks, and that has made everyone happy, and we're in Miami, so everyone's happy already because the weather's great, but it has been an overwhelmingly optimistic, energized crowd.
Well, we don't have a crystal ball, but both of us will be monitoring progress in the nation's capital.
So thank you so much, Cody, for joining me here in Miami.
Appreciate it.
Of course, thanks, Remy.
