Welcome to State of Crypto. Here’s what’s important in policy news this week:
We’re finally here: Consensus 2023. The team has packed it full of policy-related sessions. We’ll hear discussions ranging from global regulatory policy around crypto to how industry and lawmakers alike are approaching the question of privacy and privacy tool usage in crypto. I’m landing in Austin, Texas, today (Tuesday) – shoot me a note, maybe we’ll meet up.
Reminder: you can still buy a discounted ticket, including a virtual ticket if you’re not in Austin.
CoinDesk is hosting a Policy Summit on Friday specifically focused on regulatory and related issues within the industry.
Why it matters
What is happening? That’s a question we’ll be discussing during the week.
Breaking it down
It’s been a bad year for crypto. Celsius Network suspended withdrawals on June 12 last year, the day after Consensus 2022 ended. Since then we’ve seen a number of other bankruptcies, the collapse of the FTX exchange and increased attention from policymakers watching thousands of their constituents lose access to millions of dollars’ worth of crypto.
Since then the U.S. Securities and Exchange Commission has ramped up its efforts to police the sector, while U.S. bank regulators have begun issuing statements and guidance warning companies under their charge to be careful around crypto (to say the least). The European Union has finally approved the Markets in Crypto Asset (MiCA) legislation that’s been in the works for years, and member governments are soon going to implement the multinational framework. Regulators in places including Hong Kong and the U.K. are revisiting how they approach crypto.
There’s also this sharp contrast between the U.S., where lawmakers are still discussing and debating crypto issues without moving legislation, and other regions where we’re seeing firm laws and additional guidance tailored to the crypto sector.
We’ll hear about all of these issues during the policy summit this week.
I’ll be moderating four sessions: one-on-one discussions with Coinbase Chief Legal Officer Paul Grewal, New York Department of Financial Services Superintendent Adrienne Harris and Commodity Futures Trading Commission Commissioner Christy Goldsmith Romero; and our annual Lawmaker Town Hall with House Financial Services Committee Chairman Rep. Patrick McHenry (R-N.C.) and Senator Cynthia Lummis (R-Wyo.).
We’ll also hear from Bahamas Prime Minister Philip Davis, Binance Financial Crime Compliance Head Tigran Gambaryan and even Captain Kirk, aka William Shatner.
Watch CoinDesk’s website for coverage throughout the week if you can’t make it yourself, and if you are present, come say hi!
(The Atlantic): Buzzfeed News, despite the parent site’s propensity for quizzes and other fun things, did some really important reporting (not to mention the weird crypto stuff). It’s a genuine pity it’s closing, and I hope its reporters find places that will let them continue doing what they’re good at.
Today’s Tweet
With the Virtual pass, you can tune into Consensus 2023 from anywhere in the world to hear industry leaders explore all aspects of crypto, blockchain, Web3 and the metaverse. Learn more and register.
If you’ve got thoughts or questions on what I should discuss next week or any other feedback you’d like to share, feel free to email me at nik@coindesk.com or find me on Twitter @nikhileshde.
You can also join the group conversation on Telegram.
