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

Apparently, not everything is bigger successful Texas. At slightest not successful the days pursuing a large crypto speech declaring bankruptcy.

The illness of FTX and the ripples erstwhile CEO Sam Bankman-Fried made successful the crypto abstraction were connected galore people’s lips astatine the Texas Blockchain Summit held from Nov. 17-18 successful the authorities superior of Austin. Unlike astatine the Texas Blockchain Council’s inaugural league successful October 2021 held implicit conscionable 1 day, determination were galore unfastened seats astatine the 2022 event, which featured speakers connected energy, crypto mining, regulation, and innovations successful the space.

“Two years ago, this assemblage was packed,” said Chad Harris, main commercialized serviceman of crypto miner Riot Blockchain, astatine the acme — possibly mistaking the twelvemonth of the past event. “Today, this is an assemblage afloat of passionate radical that judge that they tin really facilitate what they archer the nationalist [...] Every azygous clip 1 of america fails successful a disastrous way, it affects each 1 of america successful this room.”

Photo by author

United States lawmakers and regulators including Texas Senator Ted Cruz and Commodity Futures Trading Commission commissioner Summer Mersinger were successful attendance, arsenic were household names successful the crypto abstraction similar podcast big Anthony ‘Pomp’ Pompliano and erstwhile statesmanlike campaigner Andrew Yang. The October 2021 acme had 3 U.S. senators speak, including pro-crypto lawmaker Cynthia Lummis.

“Texas is simply a escaped state, and it’s attracted a batch of businesses [...] I deliberation we’re seeing the results of that,” Chamber of Digital Commerce laminitis Perianne Boring said to Cointelegraph astatine the summit.

Kelsey Pristach, a elder argumentation advisor to Lummis, attended the 2022 acme to talk connected a integer assets argumentation panel. However, immoderate speakers scheduled to look connected panels connected Nov. 17 were not successful attendance for reasons unknown. Minnesota Representative Tom Emmer, announced arsenic a confirmed talker for the acme successful May, did not look connected the last agenda. 

Although determination were telltale signs of autochthonal Texans successful the assemblage — a fewer cowboy hats and cheering whoop's astatine bullish remarks — galore attendees were dressed modestly successful jackets, blazers, and slacks. Few sported attire similar Bankman-Fried’s and different stereotypical "crypto bro" shorts and hoodies.

“This manufacture needs to change, and it needs to alteration rapidly,” said Harris. “I deliberation what’s going connected contiguous is simply a clearer motion and connection that this industry… it’s clip for america to mature.”

He commented connected the crypto marketplace astatine 1 of its peaks:

“Bitcoin was sixty positive 1000 dollars, and everyone was driving lambos and flying planes and hanging connected their yachts. And fto maine archer you something: it’s a overmuch antithetic satellite [...] that benignant of atrocious behaviour creates a atrocious situation for the radical that are doing it right.”

Cointelegraph's Rachel Wolfson moderating a sheet connected 'Bitcoin for Good' astatine the Texas Blockchain Summit. Photo by author.

"It was absorbing to perceive insights from speakers astir however the FTX fallout volition signifier the manufacture moving forward," said Cointelegraph's Rachel Wolfson. "While the lawsuit wasn’t arsenic heavy attended arsenic past year, determination were a fig of precocious level speakers that had invaluable insights to stock regarding the FTX fallout and however Texas volition proceed to beforehand the manufacture guardant with beardown enactment for Bitcoin mining and blockchain innovation."

While Bitcoin (BTC), energy, and mining were mostly the taxable connected Nov. 17, the past time focused connected regularisation and policy, with galore speakers suggesting the autumn of FTX could trigger a disproportionate response from lawmakers. Yang referred to a imaginable “appetite for regulation” among policymakers successful the United States, portion CFTC commissioner Mersinger suggested that the government whitethorn beryllium “past the acquisition stage” successful crypto acquisition and was moving towards action.

Related: Event recap Austin’s SXSW 2022: NFTs everywhere

Many successful the crypto abstraction said that they spot Texas arsenic a regulatory-friendly situation for mining firms arsenic good arsenic blockchain-based projects, arsenic Governor Greg Abbott has publically said helium was a “crypto instrumentality connection supporter.” The Texas Blockchain Council reported astir 1,000 radical attended the 2021 summit, portion a study from the Texas Tribune suggested determination were “hundreds of investors, legislators, professionals and enthusiasts” astatine the 2022 event.