Texas Blockchain Summit event recap
Apparently, not everything is bigger in Texas. At least not in the days after a major crypto exchange declared bankruptcy.
The collapse of FTX and the ripples former CEO Sam Bankman-Fried made in the crypto space were on the lips of many at the Texas Blockchain Summit, which was held from 17-18. November in the state capital, Austin. Unlike the Texas Blockchain Council’s inaugural conference in October 2021, held over just one day, there were plenty of open seats at the 2022 event, which featured speakers on energy, cryptomining, regulation and innovations in the space.
“Two years ago, this audience was packed,” Chad Harris, chief commercial officer of crypto miner Riot Blockchain, said at the summit – perhaps mistaking the year for the latest event. “Today, this is an audience full of passionate people who believe they can actually facilitate what they tell the public […] Every single time one of us fails in a catastrophic way, it affects every single one of us in this room.”
US lawmakers and regulators, including Texas Senator Ted Cruz and Commodity Futures Trading Commissioner Summer Mersinger, were in attendance, as were well-known names in the crypto space such as podcast host Anthony “Pomp” Pompliano and former presidential candidate Andrew Yang. The October 2021 summit had three US senators speak, including pro-crypto lawmaker Cynthia Lummis.
“Texas is a free state and it has attracted many businesses […] I think we’re seeing the results of that,” Chamber of Digital Commerce founder Perianne Boring told Cointelegraph at the summit.
Kelsey Pristach, Senior Policy Advisor for Lummis, attended the 2022 Summit to address a digital asset policy panel. However, some speakers scheduled to appear on panels on November 17 were not present for unknown reasons. Minnesota Representative Tom Emmer was announced as a confirmed speaker for the summit in May, but did not appear on the final agenda.
Although there were telltale signs of native Texans in the audience — a few cowboy hats and jubilant jumps at bullish remarks — many attendees were dressed modestly in jackets, blazers and slacks. Get driven outfits like Bankman-Frieds and other stereotypical “crypto bro” shorts and hoodies.
“This industry needs to change, and it needs to change fast,” Harris said. “I think what’s happening today is a clearer sign and message that this industry … it’s time for us to mature.”
He commented on the crypto market at one of the peaks:
“Bitcoin was sixty plus thousand dollars and everybody was driving lambos and airplanes and hanging out on yachts. And let me tell you something: it’s a much different world […] that kind of bad behavior creates a bad environment for people who do the right thing.”
“It was interesting to hear insights from speakers on how the FTX fallout will shape the industry going forward,” said Cointelegraph’s Rachel Wolfson. “Although the event was not as well attended as last year, there were a number of speakers who had valuable insights to share regarding the FTX fallout and how Texas will continue to advance the industry moving forward with strong support for Bitcoin mining and blockchain innovation.”
While Bitcoin (BTC), energy and mining were largely the topic on November 17, the final day focused on regulation and politics, with many speakers suggesting that the FTX fall could trigger a disproportionate response from lawmakers. Yang referred to a potential “appetite for regulation” among policymakers in the US, while CFTC Commissioner Mersinger suggested that the government may be “past the education stage” in crypto education and moving toward action.
Related: Event Recap Austin’s SXSW 2022: NFTs Everywhere
Many in the crypto space said they see Texas as a regulatory-friendly environment for mining companies as well as blockchain-based projects, as Gov. Greg Abbott has publicly said he was a “supporter of crypto bills.” The Texas Blockchain Council reported that roughly 1,000 people attended the 2021 summit, while a report from the Texas Tribune suggested there were “hundreds of investors, legislators, professionals and enthusiasts” at the 2022 event.
