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<\/p>\nApparently, not everything is bigger in Texas. At least not in the days following a major crypto exchange declaring bankruptcy.<\/p>\n
The collapse of FTX and the ripples former CEO Sam Bankman-Fried made in the crypto space were on many people\u2019s lips at the Texas Blockchain Summit held from Nov. 17-18 in the state capital of Austin. Unlike at the Texas Blockchain Council\u2019s inaugural conference in October 2021 held over just one day, there were many open seats at the 2022 event, which featured speakers on energy, crypto mining, regulation, and innovations in the space.<\/p>\n
\u201cTwo years ago, this audience was packed,\u201d said Chad Harris, chief commercial officer of crypto miner Riot Blockchain, at the summit \u2014 perhaps mistaking the year of the last event. \u201cToday, this is an audience full of passionate people that believe that they can actually facilitate what they tell the public […] Every single time one of us fails in a disastrous way, it affects every one of us in this room.\u201d<\/p>\n
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United States lawmakers and regulators including Texas Senator Ted Cruz and Commodity Futures Trading Commission commissioner Summer Mersinger were in attendance, as were household names in the crypto space like podcast host Anthony \u2018Pomp\u2019 Pompliano and former presidential candidate Andrew Yang. The October 2021 summit had three U.S. senators speak, including pro-crypto lawmaker Cynthia Lummis. <\/p>\n
\u201cTexas is a free state, and it\u2019s attracted a lot of businesses […] I think we\u2019re seeing the results of that,\u201d Chamber of Digital Commerce founder Perianne Boring said to Cointelegraph at the summit.<\/p>\n
Kelsey Pristach, a senior policy adviser to Lummis, attended the 2022 summit to speak on a digital assets policy panel. However, some speakers scheduled to appear on panels on Nov. 17 were not in attendance for reasons unknown. Minnesota Representative Tom Emmer, announced as a confirmed speaker for the summit in May, did not appear on the final agenda.\u00a0<\/p>\n
Although there were telltale signs of native Texans in the audience \u2014 a few cowboy hats and cheering whoop’s at bullish remarks \u2014 many attendees were dressed modestly in jackets, blazers, and slacks. Few sported attire like Bankman-Fried\u2019s and other stereotypical “crypto bro” shorts and hoodies.<\/p>\n
\u201cThis industry needs to change, and it needs to change rapidly,\u201d said Harris. \u201cI think what\u2019s going on today is a clearer sign and message that this industry\u2026 it\u2019s time for us to mature.\u201d<\/p>\n
He commented on the crypto market at one of its peaks:<\/p>\n
\u201cBitcoin was sixty plus thousand dollars, and everyone was driving lambos and flying planes and hanging on their yachts. And let me tell you something: it\u2019s a much different world […] that type of bad behavior creates a bad environment for the people that are doing it right.\u201d<\/p><\/blockquote>\n
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“It was interesting to hear insights from speakers about how the FTX fallout will shape the industry moving forward,” said Cointelegraph’s Rachel Wolfson. “While the event wasn\u2019t as heavily attended as last year, there were a number of high level speakers that had valuable insights to share regarding the FTX fallout and how Texas will continue to advance the industry forward with strong support for Bitcoin mining and blockchain innovation.”<\/p>\n
While Bitcoin (BTC), energy, and mining were largely the theme on Nov. 17, the last day focused on regulation and policy, with many speakers suggesting the fall of FTX could trigger a disproportionate response from lawmakers. Yang referred to a potential \u201cappetite for regulation\u201d among policymakers in the United States, while CFTC commissioner Mersinger suggested that the government may be \u201cpast the education stage\u201d in crypto education and was moving towards action.<\/p>\n