This was true last year, to be fair. The crypto industry, fresh off of its electoral wins in 2024, took a victory lap as bitcoin's BTC$74,322.28 price soared to over $120,000 and legislation seemed imminent. Things have soured a little bit this year; crypto prices have been largely stagnant amid broader economic stresses 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 rules for stablecoin companies based on last year's GENIUS Act, lawmakers are seriously considering reforms to U.S. crypto tax policy and it really does seem that this industry has cemented itself to the point where it cannot be dismissed. So what's next? The industry's still seeking tax reform, with a de minimis exemption for crypto transactions, hoping the market structure bill will become law without overly burdening the industry and — of course — looking ahead to November, when the U.S. will pick the next Congress. We'll be picking up these threads next month at Consensus Miami, our annual shindig bringing together basically everyone. You'll hear from leading lawmakers like Senators Kirsten Gillibrand and Ashley Moody, regulators like CFTC Chairman Mike Selig and the White House point man on crypto 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 taxations, will participate in a discussion about the bill. We'll also host a meetup for folks interested in chatting about the election or just generally about the policy landscape. And we are bringing back the Policy & Regulation Summit: an entire day, and an entire stage, dedicated to exploring key policy and regulatory issues in-depth. The policy summit is designed to explore some of the biggest questions lawmakers, regulators, compliance officers and/or builders have to answer right now, including whether or how