3 Things You Need to Know about the DC Blockchain Summit

While it is largely associated with cryptocurrency, blockchain is a powerful technology that can increase security, as well as trust and transparency in business and government. Based on principles of decentralization and cryptography, blockchain is an inherently secure technology that creates records that are unable to be altered, thus preventing fraud and other unauthorized activity.  

Once a fringe technology, blockchain is now used by four-fifths of the world's top companies, according to Blockdata research. There are also several conferences and seminars focusing on the technology, including the DC Blockchain Summit, which was attended by more than 800 people at Capital Turnaround in May 2022.  

Hosted by the Chamber of Digital Commerce 

The 2022 DC Blockchain Summit was the first edition of the annual event since 2019 and the largest since its inception. Whereas past events were co-sponsored by Georgetown University, the one-day conference in 2022 was hosted by the Chamber of Digital Commerce, which represents blockchain companies. It was the largest event the trade association ever hosted and had a much different feel than in year's past. 

"We've gone from 'Is this magical Internet money for real?' to 'No question, this is definitely a thing,' " noted Perianne Boring, the Digital Chamber's founder and president, during the opening address.  

Speakers and Agenda 

The speakers list for the 2022 DC Blockchain Summit highlights the shift in perception, especially in Washington, of crypto and blockchain. This year's event featured 18 speakers in government, including senators Cory Booker (NJ), Steve Daines (MT), Kirsten Gillibrand (NY), and Cynthia Lummis (WY). Notable industry speakers included Roger Brown (Chainalysis) and Brian Dixon (Off the Chain Capital). 

Following the opening address, U.S. Rep. Darren Soto, co-chair of the Congressional Blockchain Caucus, led a session titled, "Congress Can't Ignore Crypto." Other sessions included, "Can Regulation and Innovation Coexist?" and "Crypto Consensus: Bringing Bipartisanship to Blockchain." 

Supportive Senators 

There's already at least some sense of bipartisanship in blockchain. At the 2022 summit, Lummis, a conservative, and Gillibrand, a progressive Democrat, spoke about the crypto bill they're leading: the Responsible Financial Innovation Act.  

The bill, introduced in the Senate in June, intends to grant the Commodity and Futures Trading Commission (CFTC) crypto jurisdiction. The U.S. Securities and Exchange Commission (SEC) is hoping to handle crypto regulation, but hasn't been as favorable toward the decentralized currency as the CFTC. Speaking to the crowd at the summit in May, Lummis noted she doesn't want to "over-regulate" crypto as it may hinder further innovation. 

The Responsible Financial Innovation Act has to go through oversight hearings with four committees before it can pass the Senate and move on to the House. The Committee on Banking, Housing, and Urban Affairs held hearings in July and September.