Consensus 2023 Shines Light on Need for US Regs as the Cold Winter Continues to Thaw

Takeaways from Consensus 2023

That’s a wrap on #Consensus2023 – and what a year it was. 

• While it wasn’t the Lambo-laden crypto events of the past, which we can all take a moment of gratitude for, it also wasn’t all gloom-and-doom either. 
• The cold, dark crypto winter seems to be thawing out with a ray of sunshine creeping through the sky and lighting up the horizon.
• Inside the conference hall, an air of buoyancy pervaded the atmosphere. People were genuinely enthusiastic about the discussions taking place. 
• There was a tangible sense of optimism, accompanied by a newfound maturity, that permeated the entire event. 
• Each encounter and conversation I had revealed meticulously crafted use cases and well-devised plans to propel new innovations forward. 
• Sensible US regs are a must. Other countries and jurisdictions are ahead of the States.

Overall, Consensus 2023 suggests a new era has dawned.

The elephant in the room: regulations 

Regulatory outlook – especially related to what the US is doing (or not doing) – was still the topic du jour. 

As I was told by several colleagues, although it is crypto winter, it is regulatory spring. This is undoubtedly a positive, welcome development. This inertia compels projects and use cases to seek more favorable jurisdictions for conducting their business operations.

While the European Union is on the cusp of enacting the significant MiCA legislation, the United States, in contrast, continues to display hesitancy in advancing meaningful regulatory measures. Asia, Hong Kong in particular, and the Middle East, especially Dubai, have also made themselves more crypto-friendly with regard to regulations. 

If the US crypto regulators do not get their act together, we may continue to lose out on innovation in this thriving industry.

Web2 meets Web3

This was the first event that blockchain enterprise was represented in a visible way. 

David Berlind, editor-in-chief of Blockchain Journal, who began his publication in 2022, was onsite conducting interviews with those that had a hand in the Web2 to Web3 conversion. While this may happen slowly, the fact that David was there and busy showed that there is indeed an appetite for known brands and enterprises to adopt blockchain technology over time. 

Going forward, the industry requires a multi-faceted approach that caters to both end-users and corporations. There is a genuine curiosity that exists. Once a spark of interest is ignited, meaningful engagement typically ensues. 

Recognizing the significance of this trend, David and his team are diligently collecting data on blockchain’s applications in the enterprise sector. This compilation of information should prove invaluable in understanding how blockchain adoption will unfold in the future.

FTX hangover

Although SBF was far away from Austin last week, the remnants of what he and FTX did to the industry continue to linger and cast a long, dark shadow on the industry. I heard first-hand stories from folks that will remain unnamed on how Sam laughed in the face of the adversity he faced. While I cannot cite that person, I will say they are a legit member of the industry. They knew better than to get roped into anything by SBF. 

My biggest fear remains that SBF will be like the next generation Dick Fuld who, in my opinion, escaped unscathed from the calamity he caused. To put an end to this vicious cycle of events, it is crucial that Sam is held accountable and receives a severe punishment. This includes a long-term prison sentence. Anything less will not suffice in breaking the patterns of the past.

A new dawn

I returned to New Jersey early Sunday morning, ready to take on the challenges of Monday. The conference itself felt like the convergence of extensive effort spanning two years, resulting in meaningful connections and interactions. For me, it was the culmination of hard work, making me feel seen and giving me a profound understanding of the intricacies surrounding upcoming projects and developments in the industry.

Although blockchain and crypto can sometimes feel like an unfamiliar language, I sensed a significant breakthrough in my own learning journey. Witnessing the tangible value offered by this event left me truly delighted to have played a part – no matter how small.

If you happened to miss the event, rest assured that sessions will be available online starting this Friday. Additionally, if you need access to anything from the remarkable Grit Daily House event hosted by Jordan French and the exceptional Grit Daily team, don’t hesitate to reach out to me. I’ll be more than happy to assist you in obtaining the information you require.

Until the next event…