High sentiment in FTX's shadow: event recap for Texas Blockchain Summit

Apparently, not every part is greater in Texas. A minimum of not within the days following a significant crypto alternate declaring chapter.

The collapse of FTX and the ripples former CEO Sam Bankman-Fried made within the crypto house had been on many individuals’s lips on the Texas Blockchain Summit, held from Nov. 17-18 within the state capital of Austin. Not like the Texas Blockchain Council’s inaugural convention in October 2021, held over simply sooner or later, there have been many open seats on the 2022 occasion, which featured audio system on power, crypto mining, regulation and improvements within the house.

“Two years in the past, this viewers was packed,” stated Chad Harris, chief industrial officer of crypto miner Riot Blockchain, on the summit — maybe mistaking the yr of the final occasion. “At this time, that is an viewers filled with passionate those who imagine that they will truly facilitate what they inform the general public […] Each single time certainly one of us fails in a disastrous means, it impacts each certainly one of us on this room.”

Photograph by writer

United States lawmakers and regulators together with Texas Senator Ted Cruz and Commodity Futures Buying and selling Fee Commissioner Summer season Mersinger had been in attendance, as had been family names within the crypto house like podcast host Anthony “Pomp” Pompliano and former presidential candidate Andrew Yang. The October 2021 summit had three U.S. senators communicate, together with pro-crypto lawmaker Cynthia Lummis.

“Texas is a free state, and it’s attracted quite a lot of companies […] I feel we’re seeing the outcomes of that,” Chamber of Digital Commerce founder Perianne Boring stated to Cointelegraph on the summit.

Kelsey Pristach, a senior coverage adviser to Lummis, attended the 2022 summit to talk on a digital property coverage panel. Nonetheless, some audio system scheduled to look on panels on Nov. 17 weren’t in attendance for causes unknown. Minnesota Consultant Tom Emmer introduced as a confirmed speaker for the summit in Could, however didn’t seem on the ultimate agenda. 

Though there have been telltale indicators of native Texans within the viewers — a number of cowboy hats and cheering whoops at bullish remarks — many attendees had been dressed modestly in jackets, blazers and slacks. Few sported apparel like Bankman-Fried’s and different stereotypical “crypto bro” shorts and hoodies.

“This business wants to vary, and it wants to vary quickly,” stated Harris. “I feel what’s happening in the present day is a clearer signal and message that this business… it’s time for us to mature.”

He commented on the crypto market at certainly one of its peaks:

“Bitcoin was sixty plus thousand {dollars}, and everybody was driving lambos and flying planes and hanging on their yachts. And let me let you know one thing: it’s a a lot totally different world […] that kind of unhealthy habits creates a foul atmosphere for the individuals which are doing it proper.”

Cointelegraph’s Rachel Wolfson moderating a panel on ‘Bitcoin for Good’ on the Texas Blockchain Summit. Photograph by writer.

“It was attention-grabbing to listen to insights from audio system about how the FTX fallout will form the business shifting ahead,” stated Cointelegraph’s Rachel Wolfson. “Whereas the occasion wasn’t as closely attended as final yr, there have been plenty of excessive stage audio system that had worthwhile insights to share relating to the FTX fallout and the way Texas will proceed to advance the business ahead with robust assist for Bitcoin mining and blockchain innovation.”

Whereas Bitcoin (BTC), power, and mining had been largely the theme on Nov. 17, the final day targeted on regulation and coverage, with many audio system suggesting the autumn of FTX might set off a disproportionate response from lawmakers. Yang referred to a possible “urge for food for regulation” amongst policymakers in the US, whereas CFTC commissioner Mersinger prompt that the federal government could also be “previous the training stage” in crypto training and was shifting towards motion.

Associated: Occasion recap Austin’s SXSW 2022: NFTs all over the place

Many within the crypto house stated that they see Texas as a regulatory-friendly atmosphere for mining companies in addition to blockchain-based tasks, as Governor Greg Abbott has publicly stated he was a “crypto legislation proposal supporter.” The Texas Blockchain Council reported roughly 1,000 individuals attended the 2021 summit, whereas a report from the Texas Tribune suggested there have been “lots of of traders, legislators, professionals and lovers” on the 2022 occasion.

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