Had a blast at the Consensus Crypto/Web3 Conference in Austin!
🚀💰🌐 Had a blast at the Consensus Crypto/Web3 Conference in Austin! Here are my key takeaways:
🇺🇸 US Regulatory Risk: US Crypto/Web3 companies are completely spooked by the recent regulatory aggression here. Many companies are considering moving away from the US. Had some interesting discussions around transferring SAFE Notes, IP and even relocating key employees/founders. One major player said to me “We have never had an office outside the US – till now”
💹 Crypto-Friendly Countries: Lots of European, Asian and Middle Eastern crypto/Web3 companies at the conference pitching the benefits of more regulatory certainty in their geos. It’s interesting to see Hong Kong start to be more open to crypto/Web3. Gossip is China is seeking a leadership role in the space.
👎 US Losing Ground: The US crypto/Web3 companies are united in their argument that this aggressive regulatory stance by the US SEC etc will lead to the US losing competitive advantage if crypto/Web3 takes off (they are also united in believing crypto/Web3 will take off 😃)
💼 TradFi: Fewer people from mainstream banks on panels but certainly plenty of representatives wandering around talking about the DeFi/TradFi intersection
🗣️ Mainstream Web3 Impact: Kate Brady, Head of Web3 Communications for PepsiCo, said she (and PepsiCo) had been stymied in their work by the lack of regulatory certainty. Interesting to see the reg issue has made it to mainstream companies trying to do things in Web3
👨⚖️ Lawyers Welcome: Normally at these things there is a bored look that comes over people when they hear you are a lawyer. However, given the regulatory goings-on in the US, there was a rare enthusiasm for lawyers from people – interested in understanding the global reg landscape.
🌍 Global Colleagues: Great to join with my FinTech colleagues from around the world, Sean Murphy , Stephen Aschettino , Santo Manna , Rachael Browndorf and Erica C.. Also good to see APAC blockchain dynamo Steve Vallas working the room brilliantly.
🤠 Texas Hospitality: Austin is a great city and Texans are incredibly hospitable and polite people. The best quote I heard from a Texan was from a Bitcoin Maximalist who said “I love Texas, I can smell freedom in the air.” Only in Texas 😃