During the 2022 consensus, "Everything is getting bigger in Texas" was proven true. This year's Data Encryption Conference, held June 9-12 in Austin, Texas, attracted more than 20,000 people from around the world despite temperatures exceeding 100 degrees. Ahead of Consensus 2018 at the New York Hilton, it has attracted nearly 9,000 attendees, according to themed event advertisers.

Custodia, a Wyoming-based cryptocurrency financial institution, CEOCaitlinLong, told Cointelegraph that this year's event is "very important." "New York has sent a lot of people in this field fleeing to Austin, Wyoming and Miami. It might be interesting to see if New York starts again."

In addition to the new location, current market conditions are another important factor in this event. However, participants remained optimistic about the data encryption ecosystem as a whole. Overall, the latest projects and the rise of Web3 are an important discussion point, rather than the price of cryptocurrencies. RayYoussef, founder and CEO of Paxful, a marketplace for cryptocurrency sales, told Cointelegraph that he's perfectly comfortable with the fact that data encryption allows infrastructure to be built gradually during the winter. Everyone constantly sees new projects that create a real and powerful service platform."

Create a data encryption ecosystem in a bear market

As far as Youssef is concerned, Web 3 as a tool to advance the data encryption ecosystem is a hot topic. For example, MeltemDemirors, chief strategy officer of digital asset investment firm CoinShares, told Cointelegraph that despite the bear market in equities, he has seen an increase in interest in the data encryption space at different levels:

"I've now seen different types of data encryption industries, some of which I've never heard of," he says. For example, STEPN is here, which is also a complete mobile money fitness exercise. The song NFT and Fashion NFT scenes are also large here. It's a relatively new community that I've seen and met, but it's really interesting to see them come together and have their own events."

Demirors In practice, we delivered a keynote on cults and how emerging projects can be built around sharing real identities, belief management systems and lifestyle habits at this stage in the data encryption community. "Cults generally have negative connotations, but there is a great practical meaning dilemma in today's society. People no longer care about his office, religion, or state use. Cryptocurrencies have taken on this interesting role. According to the meme, bourgeois local community values bring everyone together, "she explains. As a result, Demirors stressed that in her view, "cryptocurrency admiration" appeals to a large group of people because it provides a sense of purpose and capital. "An interesting combination is happening," she says.

While the crypto space is once again attracting more participants, Algorand Foundation CEOStaciWarden told Cointelegraph that Alogrand is using this data encryption into the winter as an infrastructure opportunity. "For us, there are going to be some big changes in this space and we are ready to innovate," she said.

In general, Warden explains, one area of concern for the Algorand community is the value of Web 3, techfinance. Web Two is everything goes back to the big channel, but with this channel, Web Three is the meeting of originators and movers and shakers, and their participation, is energized." Warden shares that Algorand is "very committed to monetizing the placement of real-world test cases for financial inclusion and the related work done by its originators," along with the rise of Web3, which has also heavily influenced the development of many popular areas such as fashion and the original economy. JustinBanon, founder of BosonProtocol (blockchain technology business network), makes this point, she told me. Last year, the data encryption space hosted irreplaceable currencies, Cointelegraph said. (NFT) This trend promotes the participation of the fashion industry.

"The physical fashion trend is not going away easily, but the smart is here," he said. Clearly, the two will revolve around areas that even become the same thing. Banon also noted that most people in the world will undoubtedly spend more time in the world of data, which is why there is a demand for digital fashion. "It will allow us to identify and differentiate ourselves," he said.

Regarding the development of the original economy, Calaxy founder SoloCeesay, a social media marketing marketplace for creators, told Cointelegraph that Calaxy recently raised $26 million to develop strategic assets to expand its operational R&D efforts.

While Web pays special attention to the occurrence and improvement of core projects, it is most important to emphasize that current sales market standards are exciting for other key players. "The CEO of cryptocurrency mining company ArgoBlockchain Peterwall told him. Cointelegraph said many bitcoin miners raised shares in 2021, but given the bear market in the stock market, that will make it increasingly difficult for some.

"There are only two ways to fund mining now, either based on liabilities or sales. BTC, "he said. While that should be the case, Wall explains that only mining with a good track record will get a loan. "He needs a very clear plan, and at the same time, he should not over-service the purchase of equipment and the revenue and expenditures that he cannot collect."

The regulatory environment for cryptocurrencies in the US

The meeting also discussed policies and regulations in detail. This is not surprising. After all, there was a lot of important and strict regulation before the event. For example, on June 7, 2022, the bipartisan data encryption law, also known as the Responsible Financial Reform Act, was enacted in the United States Senate. According to a statement, Wyoming lawmaker Cynthia is a bipartisan law. · Loomis and Kirsten Gillibrand in New York, Gillibrand "handles CFTC and CFTCSEC regional jurisdiction, currency control stability, credit operations, digital currency tax solutions and organizational coordination.

PatToomey told high-end members of the Federation of Financial Institutions in the House of Lords. Cointelegraph said the bipartisan law was "" particularly good" "in his view, and further noted that there are minor differences in how this year's bill treats stabilization compared to the stabilization approach he sketched out in April. Toomey added that while he has yet to publish the decree, there are "erasable differences" between his proposal and the Lummis and Lummis and Gillibrand laws:

"Kirsten Gillibrand said in the working group of everybody that we can eliminate the contradictions in some of the things that I always say, get Democratic and Republican legislators to explicitly come up with a very comprehensive law and regulation, appropriately create a control architecture that is dedicated to allowing that, and that is also a very innovative and rapidly evolving interior space. In that way, I think it's innovative."

Long cited the bipartisan legislation as an important development in data encryption and stressed that "it's also something to watch in Washington. There are now 50 different types of cryptocurrency laws and regulations in Congress, only one of which was co-sponsored by a powerful member from New York and a powerful commercial banking member from Wyoming in the upper house. Wyoming is the state's leading digital currency. That's a good component."

Long added that stabilizing currency regulation and digital currency regulation (CBDC), which will undoubtedly be a key topic of discussion this year. For example, although President Biden issued an executive rule in March 2022 governing the scientific research, design and development of the U.S. central bank's virtual currency, Long said she did not believe the U.S. would sell CBDCS. "The Fed is only six months away from releasing FedNow services this year. However, all the standards have not been published yet, so nobody knows what it looks like at this time."

In addition, forecasting and analysis of the Long term stable currency will be the focus of regulators, highlighting Wyoming's unique targeted savings regulations and the New York Department of Financial Services' (DFS) publication of the strict regulatory manual for the application of the dollar Stablescoin to this category - the regulatory entity line. But, Long explained, stabilizing money "takes a long time to really see what's going to happen with the law of the specific application." She further said that regulators still have the opportunity to formulate policies and regulations around currency stability, but have not yet taken action. She said:

"Regulators have idled looking for legitimate applications for all aspects of licensing, and fraud has proliferated in this area. It was difficult, but I believe the regulators could have acted earlier. If he does that, a lot of people won't get hurt easily."

In response to Long's stance, Toomey said, "In his view, based on legal pressures and trends to stabilize the currency, U.S. Treasury Secretary Janet Yellen will do so before the Banking Committee this year. I think it's real life." . He added that the work had become increasingly stressful due to the recent collapse of Terra's ecosystem.

"I think it seriously impacts the law because it draws attention to the cryptocurrency space, which is actually a wake-up call for the U.S. federal government. My own thinking is that algorithmic stable money should be separated from legally prescribed/asset-backed stable money, "he said, adding," But we should be clear: Terra is particularly large, and when something so small is likely to collapse, regulators of course tend to look at all industries to see if there are other similar instruments, devices and products, and what the risks might be."

A cheerful attitude prevails

Because of the state of the cryptocurrency sales market, it's worth noting that many ecosystem players remain optimistic about the future. In particular, Austin's cryptocurrency community seems to be growing rapidly, as he has become a hot topic for new projects among crypto mining companies and most mining companies Web 3.

CityCoins is a key promoter of new cryptocurrency programs in New York State and Miami, PatrickStanley told Cointelegraph that AustinCoin(ATX) is ready to talk, and highlighted that there is now a working group that has developed a proposal for a new CityCoins operation.

"I would like to launch AustinCoin more carefully. Everyone has the capital and a clear commitment to service, and they've sent staff to Austin. We just want to call AustinCoin Stanley added that Austin Premier Steve Adler is a "cryptocurrency progressive," and stressed that he knows CityCoins is leaving less of a trail than getting medium and large tech limited companies to move to Austin. CityCoins is like getting a big corporation tax without a trace and without the growth of the property sector. This will be very attractive to Governor Adler, "he shared.

Demirors also mentioned that she is pleased with the construction and development of data encryption infrastructure, such as new data centers, semiconductor materials and the overall "pipeline" that makes cryptocurrencies and other technologies work properly. "We should make sure that America is a friendly region," she said. We can not only write software, but we can also develop hardware for large-scale design." .

While Demirors acknowledges that most laws are not currently written tightly around these aspects, she hopes Texas and other states continue to warmly welcome measures such as mining. Demirors also mentioned that data encryption policies and regulations fail to take into account customer and financial personal privacy, and stressed that most laws and regulations require more financial audits." I think it's very important for us as a field to push back against that, especially in a world that's exploring CBDCS."

Finally, it is most important to emphasize that important players have been brought into the field of data encryption to help with continuous progress. For example, GrayscaleInvestments recently enlisted former U.S. Attorney General DonaldB.Verrilli to add businesses that could help facilitate a physical Bitcoin exchange-traded equity fund. Verrilli mentioned at Consensus's press conference last week that he has been trying to shape social policy and steer it in the direction of innovation.

As a result, Verrilli worked to convince the U.S. Securities and Exchange Commission (SEC)Grayscale to convert GrayBTC Private Equity Funds (GBTC) into a spot traded ETF based on spot trading. To achieve that goal, Verrilli explained that it would be "imprudent and fickle" to settle similar cases in various ways, citing the SEC's decision to allow a bitcoin futures ETF instead of a BTC spot traded ETF. "It seems like a basic common sense point. I'm new to it, but from the current perspective it's hard to see why there's any reason to look at these things in any way."