Consensus 2024: Insights from the Crypto Conference
From May 29 to June 1, Austin was the hub for thousands of cryptocurrency enthusiasts gathered for CoinDesk’s largest annual conference, Consensus. The event reportedly drew 15,000 participants and over 6,000 companies.
On this page
- Robert F. Kennedy Jr.: Cryptocurrency is a Symbol of Freedom and Transparency
- Cathie Wood: Bitcoin is 'Unstoppable'
- Unregulated Stablecoins: A Threat to U.S. Security
- Cryptocurrency's Integration with the Global Financial System
- Casey Rodarmor: 99% of Projects at Consensus Are Bullshit
- PitchFest and Exhibitions
- Final Thoughts
The conference was centered around critical discussions on the controversial remarks about cryptocurrencies by Joe Biden and Donald Trump, the future of asset regulation, and the broader societal acceptance of these technologies.
Highlighted speakers at Consensus 2024 included:
- Cathie Wood, CEO of ARK Invest;
- Chris Dixon, General Partner at Andreessen Horowitz;
- Sergey Nazarov, Co-founder of Chainlink.
The event was significantly enriched by the presence of U.S. government representatives. The roster of speakers featured U.S. presidential candidate Robert F. Kennedy Jr., Senator Ron Wyden from Oregon, and Brian Nelson, U.S. Deputy Secretary of the Treasury for Terrorism and Financial Intelligence, among others.
Key influencers at the event included prominent Bitcoin developer Casey Rodarmor, known for creating the Ordinals and Runes protocols, and Ryan Selkis, CEO of Messari.
The GNcrypto team participated remotely in the event. From the multitude of presentations and discussions, we highlighted the top 5 most intriguing topics.
Robert F. Kennedy Jr.: Cryptocurrency is a Symbol of Freedom and Transparency
At Consensus 2024, Robert F. Kennedy Jr. lauded Donald Trump for his change of heart regarding cryptocurrencies and called on President Joe Biden to also support digital assets.
Kennedy criticized SEC Chairman Gary Gensler, arguing that he “should recognize and encourage decentralized currencies.” Kennedy believes cryptocurrencies can address issues related to the dilution of securities, which he views as a significant challenge in the current U.S. capital ecosystem.
Furthermore, Kennedy contends that the government has a duty to ensure the rights to own digital assets, maintain sovereign control over wallets, and protect consumers from frauds such as the FTX debacle.
Robert F. Kennedy Jr. at Consensus 2024. Source: coindesk.com
Cathie Wood: Bitcoin is ‘Unstoppable'
A panel discussion at Consensus 2024 once again highlighted the strong support Bitcoin receives from Cathie Wood, the CEO of ARK Invest. Wood stated that no other cryptocurrency matches Bitcoin's potential and significance, its decentralization, or its self-sufficiency.
Wood warns the crypto community against being misled by the apparent surge in the U.S. government's support for cryptocurrencies, attributing this shift to the political circumstances surrounding this upcoming presidential election.
Cryptocurrency has become a pivotal instrument in the ongoing election campaign, compelling each candidate to publicly clarify their position on this topic. This dynamic could potentially reshape the financial and technological landscapes.
Cathie Wood at Consensus 2024. Source: coindesk.com
Unregulated Stablecoins: A Threat to U.S. Security
Brian Nelson, the U.S. Deputy Secretary of the Treasury for Terrorism and Financial Intelligence, has raised alarms about the risks posed by unregulated stablecoins. These digital assets are increasingly favored by North Korean cybercriminals, ransomware operators like LockBit, and terrorist organizations.
Nelson highlighted that criminals utilize jurisdictions with minimal or absent regulatory frameworks to manage illicit financial activities. He pointed out that several international virtual asset service providers (VASPs) didn’t meet their obligations to comply with regulatory standards.
Brian Nelson at Consensus 2024. Source: coindesk.com
Further, Nelson discussed the challenges posed by cryptocurrency mixers. He revealed that the Treasury Department is increasingly focusing its resources on addressing these protocols. Notable actions include sanctions imposed on Tornado Cash in August 2022, on Sinbad.io in November 2023, and charges brought against the co-founders of Samourai Wallet in April 2024.
He emphasized that the Treasury does not intend to completely ban crypto mixers but aims to strike a balance between maintaining user privacy and preventing the financing of terrorism and money laundering.
Cryptocurrency's Integration with the Global Financial System
Sergey Nazarov, co-founder of Chainlink, predicts that 2024 could witness a significant integration of blockchain with traditional financial systems. He suggests that not only the entire $2.7 trillion debt market but also the $106 trillion stock market could transition to blockchain.
Nazarov's presentations also indicated that any asset could be tokenized, including commodities, real estate, insurance, and many other sectors. According to Nazarov, the future will see all financial transactions occurring on-chain, signaling a major shift in how global finances are conducted.
Integrating traditional assets into the blockchain. Source: youtube.com
Casey Rodarmor: 99% of Projects at Consensus Are Bullshit
Casey Rodarmor, the founder of Ordinals and Runes, delivered a candid critique during his presentation at Consensus 2024. He asserted that 99% of the projects showcased at the conference were mere nonsense. According to him, these projects flaunt trendy white papers and make grandiose claims about their future prospects, yet their actual aim is to develop a token and sell it to unsuspecting retail investors.
The audience reacted with laughter, to which Rodarmor responded, “Glad that that’s sort of known.”
After introducing Ordinals and Runes, Rodarmor faced criticism from some Bitcoin enthusiasts who felt he had made the most original and valuable blockchain on Earth resemble any other. Defending his projects at Consensus 2024, Rodarmor explained the significant value they add.
Ordinals and Runes exemplify how Bitcoin can be used to create solutions that are as difficult to hack as a BTC transaction is to censor. By developing these protocols, Rodarmor has sparked what some refer to as the second era of Bitcoin: an age where the blockchain's applications are nearly limitless.
He highlighted that Ordinals and Runes provide extensive opportunities for online gambling and have revitalized activities that were previously dormant within the Bitcoin network. Thus, similar to developers of cross-chain bridges, Rodarmor expanded the uses of the leading blockchain without causing harm.
PitchFest and Exhibitions
Consensus traditionally includes a special pitch event for startups. The latest session saw 38 projects reach the finals, with Evil Genius Games, a tabletop roleplaying game company, emerging victorious.
At the Consensus 2024 booths, project representatives sought to capture additional attention by holding contests, showcasing interactive devices, or dressing in unusual attire. For example, one representative of a meme coin wore a puppet head of an eagle, referencing the national symbol of the USA.
Final Thoughts
The organizers of Consensus have already announced the next conference, scheduled for May 14-16, 2025, in Toronto, Canada. Tickets are priced at $399 and are available on the event's official website.
Stay updated with our website’s “Events” section to be among the first to learn about upcoming online and offline events!
The content on The Coinomist is for informational purposes only and should not be interpreted as financial advice. While we strive to provide accurate and up-to-date information, we do not guarantee the accuracy, completeness, or reliability of any content. Neither we accept liability for any errors or omissions in the information provided or for any financial losses incurred as a result of relying on this information. Actions based on this content are at your own risk. Always do your own research and consult a professional. See our Terms, Privacy Policy, and Disclaimers for more details.
Articles by this author
