Congressman Brad Sherman has been one of the most outspoken critics of the crypto / blockchain sector. Granted, many elected officials are sitting on the fence as to what, if anything, they should legislate to facilitate, or curtail, the emerging crypto sector. Just this week, the Senate Banking Committee held a hearing on crypto that engaged polar opposite opinions in the ongoing crypto debate. As the saying goes, the jury is still out on Capitol Hill.
But Sherman in his criticism received an invitation from the upcoming Crypto Invest Summit (CIS) taking place in LA later this month. The invite was to explain to several thousand crypto enthusiasts why he did not share their excitement – all in a civilized manner.
CIS co-founder Alon Goren recently told CI:
“I would love to have a civil and professional discussion with Congressman Brad Sherman. His platform afforded him the ability to fire shots at the industry as a whole and as far as I know, he has not given anyone outside of the committee hearing the chance to debate him on the subject. I think that if I could introduce him to the amazing blockchain companies in his own district, he would change his mind about the space.”
We asked Goren if he had any recommendations regarding the swirling debate on Capitol Hill pertaining to any crypto focused legislation. As we understand it, there has been lots of discussion regarding federal legislation addressing crypto but few bills publicly posted:
“There are way smarter people to ask than me on this, I just hope legislation to be usable, startup friendly and friendly (not insulting) towards investors who are not millionaires,” said Goren. “Also hope that the SEC sends no action letters sooner rather than later to folks that are doing it right, so that the rest of us can follow acceptable models like we did when Crowdfunding just started.”
Goren believes that Bitcoin and crypto are here to stay. He confidently says this is no fad.
Goren acknowledges that we are in a crypto winter but he is not ready to predict when it will end.
“I truly believe nobody really knows and we will have many more ups and downs before we hit our stride,” said Goren.
And what about all of the s**tcoins or fraudcoins? Are there legitcoins?
“I absolutely think that there are many and will be many more legit coins. I think most are legit and were created by idealistic people who believe in what they are doing and just happened to raise money too easily at a time when everything was overblown. In the normal startup market they would have been looking at seed rounds at tiny valuations. Some will make through this tough market and most won’t. Welcome to investing in early stage startups, folks!”
There have been, and will be, lots of blockchain focused events. CIS has positioned its gathering as the largest of its kind on the West Coast. Even while there is much talk of a crypto retrenchment, CIS is expected to grow beyond their previous event during a time when Bitcoin was over $9000 and the aggregate crypto Market Cap was more than $430 billion.
“Our goal has always been adoption and education to mainstream users and investors,” Goren shared. “We bring some of the top names in crypto, blockchain, venture capital and technology, and ask them their secrets, their best practices and their opinions. We try to keep prices low and everything accessible to everyone. We invite students, military and certain groups to attend for free and all content is release free after the event.”
They also expect global mainstream media coverage from CNN (both English and Spanish), CNBC, Bloomberg, Fox Business, Forbes, etc. Goren believes that mainstream coverage will help bring the exposure to get the industry to the masses. Goren says their approach is grow while everyone else is shrinking.
“There are too many conferences out there that over-promise and under-deliver. Most of them just popped up and seeing how hard it is to do right. Having done this now for years, we understand the cycle and are confident in our product, so there’s no need to over-hype,” stated Goren.