Consensus 2024: Where Crypto and Politics Collide
Rachel Wolfson
Last updated:
June 7, 2024 11:47 EDT
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5 min read
A multitude of individuals from the cryptocurrency community gathered in Austin, Texas recently to participate in Consensus 2024. This annual blockchain conference, hosted by CoinDesk, drew in 15,000 attendees this year, a significant increase from the previous year’s 10,000.
Amidst the larger attendance, the overall atmosphere at Consensus 2024 seemed more vibrant and positive compared to the previous year. This shift could be attributed to the upcoming presidential election in the United States, along with the recent approvals of spot Bitcoin and Ethereum exchange traded funds (ETFs).
John Deaton, a Candidate for U.S. Senate in Massachusetts, shared with Cryptonews that last year’s Consensus had a more somber tone due to the collapse of FTX and other crypto exchanges. However, Deaton noted that this year’s event felt different.
“With all the recent developments – such as our successes in Congress with voting and effectively challenging Elizabeth Warren and Gary Gensler on certain issues – there’s a much more optimistic and positive vibe,” Deaton remarked.
The U.S. Senate Candidate continued, “I believe people are now recognizing that blockchain technology and crypto are here to stay. This emerging asset class is set to be embraced by the mainstream, and the excitement here is palpable.”
Crypto Takes a Political Turn
Attendees at Consensus 2024 showed a keen interest in hearing from U.S. government officials like Congressman Tom Emmer and U.S. Securities and Exchange Commissioner Hester Peirce.
While crypto and politics dominated discussions at Consensus, Congressman Tom Emmer emphasized during his keynote that cryptocurrency is not a partisan issue, but rather a matter of supporting the administrative state or the individual.
“Both political parties are moving towards endorsing crypto, albeit at different paces,” Congressman Tom Emmer stated.
Emmer also pointed out that anti-crypto U.S. Senator Elizabeth Warren holds significant influence in the White House’s decisions.
Presidential candidate Robert F. Kennedy Jr. also engaged with a select group of media professionals before delivering his keynote address on May 30. When questioned about the recent approval of the spot Ethereum ETF in the U.S., RFK Jr. expressed his satisfaction with the decision.
“I see this as a positive development. It may have been politically motivated, given Gary Gensler and the White House’s previous opposition, but any progress is welcome,” he stated. “Encouraging the flow of capital into alternative and decentralized currencies is crucial, and this move is a step in the right direction.”
Tokenization, Bitcoin Layer-2s, and AI in the Spotlight
Apart from politics, discussions at Consensus 2024 revolved around the tokenization of real-world assets (RWAs), Bitcoin layer-2s (L2s), and artificial intelligence (AI).
David Schwartz, CTO of Ripple, highlighted Ripple’s focus on tokenized RWA products, including their recent launch of a stablecoin, underscoring the company’s interest in tokenization.
“Tokenized RWAs are compliant with regulations and can be used as collateral in DeFi protocols,” Schwartz explained.
Bitcoin Layer-2 networks also garnered attention, with Stacks and Rootstock Labs, prominent Bitcoin L2s, making a significant presence at Consensus.
Daniel Fogg, CEO of Rootstock, elucidated that while Bitcoin is highly secure and decentralized, scalability remains a challenge. He emphasized that L2s aim to address this issue while enabling Bitcoin decentralized finance (DeFi).
Moreover, AI discussions were prevalent at Consensus. Brendan Eich, Founder of Brave Browser, delved into the browser’s utilization of AI for search engine functionalities.
Brave Browser aims to enhance web efficiency by providing users with search answers generated by AI. Eich stressed the importance of including references to maintain the integrity of the information provided.
Consensus 2024 Showcases Ecosystem Growth
Consensus 2024 underscored the continued growth of the blockchain and crypto ecosystem. Despite recent market downturns and the collapse of FTX, cryptocurrency adoption is gaining momentum, piquing interest globally.
Ecosystem expansion was evident, with Layer-1 networks increasingly prioritizing interoperability. Min Wei, Head of Ecosystem Growth at Algorand, observed a trend towards interoperability at Consensus.
While the crypto sector is predominantly male-dominated, Consensus featured several women-centric events in Web3.
Sandy Carter, COO at Unstoppable Domains, organized a women in Web3 brunch to foster connections among women in the industry. Carter stressed the importance of inclusivity and real-world interactions to encourage female participation in crypto.
As Consensus 2024 drew to a close, it became apparent that the blockchain and crypto space continues to evolve and thrive, with promising developments on the horizon.