The Consensus 2024 conference brought together industry leaders to discuss the future of cryptocurrency and its impact on U.S. regulations. The event featured a range of opinions on the role of Bitcoin, the need for clearer regulations, and the growing influence of crypto on U.S. politics.

One of the key takeaways from the conference was the growing consensus that Bitcoin is irreplaceable, as suggested by Cathie Wood. This view contrasts with that of Cardano founder Charles Hoskinson, who believes that another digital gold could replace Bitcoin. Tom Emmer, Majority Whip of the U.S. House of Representatives, emphasized that recent regulatory efforts confirm that crypto is nonpartisan and here to stay.

Industry leaders such as BNY Mellon’s Caroline Butler, BlackRock’s Joseph Chalom, and Bloomberg’s James Seyffart discussed the significant progress made in the crypto industry, including the introduction of Bitcoin and Ethereum ETFs. They also highlighted the need for clearer regulations to ensure the continued growth of the industry.

Ripple CEO Brad Garlinghouse emphasized the growing influence of crypto on U.S. politics and predicted that the stablecoin market will grow exponentially. Robert Kennedy Jr., an independent candidate for the U.S. presidential elections, urged the government to create a clear crypto regulatory framework. President of the NYSE Lynn Martin expressed optimism about the future performance of Bitcoin ETFs, while Bitcoiner Anthony Pompliano noted that Bitcoin has broader societal acceptance now and has transformed the finance scene.

Binance Founder Begins Sentencing

Reports confirmed that Binance founder and former CEO Changpeng Zhao had begun his four-month jail term at a low-security prison in California. Meanwhile, Ryan Salame, a former executive at FTX and associate of Sam Bankman-Fried, received a seven-and-a-half-year prison sentence. Salame is the next to receive a sentencing after Sam Bankman-Fried, who pleaded guilty.

Terraform Labs and the U.S. SEC reached a settlement deal on the legal case surrounding the collapse of TerraUSD, but details of the settlement remain scarce at the reporting time.

Crypto's Growing Political Impact

As part of his efforts to support the cryptocurrency industry, Republican presidential candidate Donald Trump expressed his readiness to aid Silk Road founder Ross Ulbricht, who is currently serving a life sentence for his role in the launch of the black marketplace. Trump's cryptocurrency portfolio, consisting of several crypto assets, saw a significant increase to $10 million, primarily due to a price increase in MAGA (TRUMP), a meme coin created as a parody of Trump's mantra.

After the House of Representatives approved the FIT21 bill, Chair of the U.S. House Financial Services Committee Patrick McHenry urged the Senate to ensure that they also vote in favor of the bill. Despite the recent shift in stance, the Biden administration vetoed a bill looking to limit the SEC’s oversight of the crypto industry by repealing SAB 121. The U.S. Senate and House of Representatives had voted to pass the bill.