6 Takeaways from Circle’s Converge22

Converge22

With an estimable blizzard of content in the rear view mirror, here’s a selection of key takeaways from Circle’s Converge22 conference in San Francisco.

Circle is the maker of USDC, among the most widely used stablecoins today, which is nearing a market capitalization of $50 billion according to Coinmarketcap.

Takeaways include:

#1 – dreamforce for crypto

#2 – stablecoin legislation

#3 – the “p” word

#4 – learn by doing

#5 – regulatory advocacy

#6 – expression of the dollar

Read them all…

Takeaway #1 – dreamforce for crypto

The positioning for the conference as stated by Circle executives was “Dreamforce for internet finance” not “Dreamforce for crypto.” But, last week in San Francisco felt like a conference with a largely crypto audience. Still, this comparison – crypto vs internet finance – reveals the core of Circle’s ambition and the potential it sees with crypto innovation.

For their first-ever “ecosystem conference,” Circle programmed a three-day multi-track agenda featuring topics related to key strategic areas  for the company such as stablecoin uses, regulation, privacy/identity, compliance, lending, financial inclusion and more.

Circle CEO Jeremy Allaire stated that over 2,600 attendees made the trip to San Francisco and added, “We always thought of USDC as a protocol that people can build on.” And now the event will exhibit the different dimensions of what people and companies are doing with that protocol, he said.

Takeaway #2 – stablecoin legislation

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Can Senator Toomey Get Stablecoin Legislation Passed Before He Leaves?

Senator Patrick Toomey

There’s an opening for the passage of stablecoin legislation this year.

No, really.

Even though crypto critiques rage and bankruptcies blare while crypto prices swirl around the drain, this is the moment for Senator Patrick Toomey (R, PA) to deliver a first-of-its-kind law on stablecoins before he leaves office in January.

Complicating matters, narratives have changed in the past several months:

    • Pre-“crypto winter” narrative: “Legislation is coming to help support innovation and grow the blockchain industry.”
    • “Crypto winter” narrative: “Legislation needs to save us from the contagion that blockchain technology could ignite in the financial system.”

Yet, with either narrative, there’s an acute need for stablecoin legislation.

And so the table is set for Senator Toomey, who could steward narrowly-defined legislation in an expedited process that builds on his Stablecoin TRUST Act. In fact, the Senator said 2022 passage was possible only a month ago when speaking at the Consensus conference in Austin:
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