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Welcome to The Node! It's the last day of Consensus 20022, in Austin, Texas.
This weekend The Node will continue to publish twice a day: once in the morning providing the usual news digest and once in the afternoon. These second newsblasts will feature on-the-ground reporting and live updates from Consensus, so you can stay up-to-date whether you’re here or not. – Daniel Kuhn |
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STABLE FOCUS: The U.S. could have a new federal law on stablecoins by the end of this year, according to lawmakers speaking at Consensus 2022. Rep. Patrick McHenry (R-N.C.), the ranking Republican on the committee, said to expect a “bipartisan” draft from the House Financial Services Committee “on asset-backed stablecoins” this summer. - “We just had a financial crisis, we just had a meltdown,” Sen. Kirsten Gillibrand (D-N.Y.) said, referring to the implosion of algorithmic stablecoin terraUSD, which has catalyzed a process of drafting legislation that otherwise “could be a decade” in the making.
- While passing a bill in a matter of months is an extremely ambitious goal, especially with midterm elections coming in November, Sen. Pat Toomey (R-Pa.) was optimistic, went "out on a limb" to say his cohort will “get stablecoins done this year.”
CZ SAYS: Binance CEO Changpeng Zhao wrote a CoinDesk op-ed calling for a collaborative approach toward stablecoin regulation between industry leaders and lawmakers to restore trust in these assets. CZ considers stablecoins to be among “the most revolutionary” opportunities of the crypto sector. - “So while the current atmosphere may seem hostile, we have a unique opportunity to show the world that secure, regulated stablecoins exist,” he wrote.
LONG GAME: PayPal’s (PYPL) move this week to allow customers to transfer crypto out of its walled garden of an app to external wallets is an important move in the ongoing transition from a "fiat-orientated world to a digital currency one," according to CEO Dan Schulman. The company, which at once time had the slogan and mandate to create “the new world currency,” has been playing the long game, Schulman said speaking on-stage at Consensus. - “What we just did with transfers is kind of like the opening step as you might think about us moving from a fiat-orientated world to a digital currency one,” the chief executive said.
FAIL SAFE: Over $135 million in crypto had been raised by Ukrainian funds by mid-May, according to analytics firm Crystal Blockchain. CoinDesk’s Anna Baydakova covers how that money is really being spent, who is sending it and how the country’s unique Ministry of Digital Transformation is making space for crypto as the nation’s banking infrastructure is impacted by war. - “We also accepted donations from bank cards, but successful transfers made only about 70% of all,” Anton Kosheliev, a Ukrainian business owner who is leading a humanitarian cause. “A significant amount of money failed to reach us” through traditional rails, he added.
- “More than a half of all merchants agree to accept crypto,” Alex Bornyakov, Ukraine’s deputy minister of digital transformation, said.
DEFAULT IDENTITY: Katherine Dee, also known as Default Friend, came to Austin, Texas to discuss pseudonymity. An internet anthropologist, and something of a digital phenomenon herself, Dee thinks even the darkest corners of digital culture deserve to be understood and documented. And that rarely requires "doxxing," she said. |
If you’re attending Consensus 2022 in Austin, Texas and you’re interested in institutional investments in the Web3 space, then we have a fireside chat, you’re not going to want to miss: From Decks to Partnerships: The Web3 VC Journey to Strategic Investing. In this talk, Nexo’s Co-Founder and Managing Partner Kalin Metodiev, CFA, and Head of Corporate Finance and Investments, Tatiana Metodieva, CFA will unveil the secrets to successful VC activity in our novel industry as they touch on the inner workings of Nexo Ventures, Nexo’s strategic investment arm. Thе fireside chat will take place on Saturday, June 11 at 5:00 pm.
Join in and get intel on the latest trends in the venture capital and Web3 economies, as well as large-scale digital assets adoption.
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- Helium Crypto Wireless Network to Launch New Tokens Amid Expansion (Decrypt)
- Goblins, Nihilism and Poop: Here’s What’s Going On With Ethereum NFTs (Decrypt)
- New Scam on Opensea: How to Not Get Rekt (The Defiant)
- Here's what young entrepreneurs and investors think about crypto (GeekWire)
- EminiFX investors support chief executive charged in crypto Ponzi scheme (WaPo)
- A crypto-based dossier could help prove Russia committed war crimes (CNN)
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A guide to official and side events |
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Last, but not least: - Tricia Wang, co-founder of CRADL and Web3athon, will announce on the Consensus Mainstage at 11:45 a.m. her organization’s hackathon opportunity that will financially back crypto causes focused on solving "hyperlocal" issues.
- Executive Managing Director of Extreme Tech Challenge Victoria Slivkoff will announce winners from a separate hackathon event – Web 3 Pitch Fest – that saw participation from metaverse builders Mona, investing platform Bamboo and decentralized liquidity providers Cell Protocol.
- Changpeng Zhao, CEO of Binance, will be take to the Mainstage at 11:00 a.m.
- Legendary futurist and founder of Moven Brett King will discuss asteroid mining, “smart economies” and more. That's on the Mainstage, at noon.
See also: "The Creator's Guide to NFTs at Consensus" |
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Why Luna’s Collapse Is Good for Crypto* Bill Barhydt, CEO of Abra, was recently interviewed to discuss the stablecoins markets and Luna's failed attempt to run an algorithmic stablecoin at a global scale. The full interview can be found here *This is sponsored content from Abra. |
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