There were no signs of a recession in Crypto Cabana.
“I know there’s about 8.5% inflation and gas prices are going up, but gas prices are going down here.”
Those were the words of Ethereum co-founder Vitalik Buterin at the Blockchain Futurist conference in Toronto on Wednesday.
Buterin hinted at upgrading to Ethereum. Ethereum 2.0 Make transactions easier and cheaper.
Beyond those words, Buterin did little to discuss the current market conditions that have affected crypto, and the tech sector more broadly. The discussion touched on the state of crypto and reflected the current focus on regulation and compliance.
Buterin’s words demonstrate a unique balance seen at the Blockchain Futurist conference held in a secluded nightclub and pool bar on Toronto’s waterfront.
This setup allowed attendees to rent company cabanas, lounge by the pool, park their yachts outdoors, and take a flight using a local helicopter service (yes, on the event website One of the stipulations reads: “If you would like to attend the meeting by boat or helicopter, please contact us directly” And yes, you can pay for these helicopter rides in crypto) . One of the conference attendees around the world overheard her recently boast that he rented her $5 million Airbnb for the company.
But while outwardly some actions at the conference weren’t in line with the current crumbling market conditions, the hype wasn’t overdone, and there was a mix of optimism and reality about the future of the market. rice field.
The crypto market crash that occurred this year has wiped out more than US$2 trillion in value, leaving many retail investors in jeopardy.It has also paid a heavy price crypto lender In particular, straddling bankruptcy and bankruptcy filings.
While there was some discussion of market conditions at the event, the talk in town was on regulation, compliance and what the future of the sector might look like. It was an appropriate topic as some predicted it could lead to a regulatory backlash. And especially in Canada, regulation It has become an increasingly popular topic in the crypto space.
Case in point, one talk on the second day of the conference was titled “Are we still talking about regulation?” (yes, we will keep talking about it).
When it comes to the compliance and regulatory landscape, coin squareEric Richmond, chief operating officer of
Having been in the cryptocurrency industry for years, Richmond recalled the 2017/18 “Wild West” era. Richmond noted the limited guidance available on things like coin offerings (ICOs), and noted developments since then. He spoke about increased investor protection and increased guidance from regulators making it easier for cryptocurrency players to operate in the space.
MP Michelle Lempel Garner also addressed the stage, noting the bipartisan interest in the sector’s success.Lempel Garner submitted a bill Earlier this year, it called for a national crypto regulatory framework, voicing a need to strike a balance between over- and under-regulation to avoid polarizing the sector.
Chamber of Digital Commerce co-founder and adviser Tanya Woods claimed it took more than five years for members of Congress to get to a place to introduce such a bill. She noted that industry stakeholders have engaged with the government in various ways over the years in hopes of bringing more clarity to regulation.
But despite regulators working with industry players to distribute more guidance, challenges remain.
Several speakers on stage spoke of the need to balance government-led and industry-led approaches to regulation. Even Rempel Garner called for private sector participation in the debate. “This community has to drive buses or they will pass by,” she said.
“Sometimes the pendulum swings too far, but I think it’s important for regulators to find that balance. [we’re] It all sounds like it makes sense and it’s peachy, but it doesn’t. There is still work to be done. But when I zoom out, I think it looks pretty good. “
The glitz of pool bars and off-stage yachts may not match the conversations on stage, but it’s clear that the next generation of cryptocurrencies will include areas of compliance that aren’t all that glamorous.