1 year ago
The House Committee explores blockchain and Web3's future, arsenic manufacture leaders attest connected democratizing the Internet and regulatory challenges.
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The House Energy and Commerce Committee Subcommittee connected Innovation, Data and Commerce gathered connected June 7 to sermon blockchain technology and the future of Web3. Crypto manufacture members including Ryan Wyatt, president of Polygon Labs and ineligible experts appeared earlier the committee to prosecute successful a overmuch much amicable dialogue.
This gathering was held conscionable aft the SEC announced back-to-back lawsuits against large crypto exchanges Binance and Coinbase. In Wyatt’s testimony, helium discussed the imaginable of blockchain exertion and its worth to users, arsenic good arsenic the benefits of gathering a steadfast and well-regulated blockchain ecosystem successful the United States.
Wyatt began by addressing the cardinal occupation that blockchains solve, which is the "value extraction" occupation connected the Internet. He explained that successful the existent epoch of the net – referred to arsenic "Web2", ample centralized tech companies extract worth from users by charging fees for goods and services and collecting idiosyncratic information for their ain benefit.
Today, I had the privilege of testifying astatine the Innovation, Data & Commerce subcommittee astatine a Congressional proceeding focused connected educating lawmakers connected wherefore this tech is important to each of us, and however it changes the worth paradigm of the Internet.
We are successful this together. pic.twitter.com/l8OcDM12hB
According to Wyatt, blockchains connection a solution to this occupation by democratizing the Internet and creating a Web3 that is based connected decentralized and transparent systems. Blockchains usage cryptography and a web of computers to unafraid and support information, eliminating the request for a centralized authority. In this Web3 model, users person power implicit their information and tin take when, how, and whether to stock it with applications and services.
In regards to however the U.S. authorities could spouse with the manufacture to beforehand modernization, Wyatt mentioned that the existent regulatory situation is simply a large barrier. By fostering a well-regulated blockchain ecosystem, the U.S. tin support its competitory borderline and guarantee the exertion manufacture thrives domestically:
"When regularisation does not conscionable caller exertion wherever it is, the U.S. loses its competitory borderline implicit different countries."Finally, Wyatt argued that gathering a blockchain exertion ecosystem successful the United States is beneficial for Americans. It tin thrust economical maturation and make jobs, some successful the exertion assemblage and non-technical sectors. It besides allows for amended user extortion by leveraging the transparency of blockchains and aligning regularisation with caller technologies.
Related: US Financial Services Committee sets day to sermon aboriginal of crypto
Wyatt’s grounds provides respective examples of Web3 applications and usage cases, specified arsenic blockchain-based user loyalty programs, non-fungible tokens (NFTs) successful the manner industry, blockchain-based assemblage organizations and blockchain solutions for proviso concatenation absorption successful the U.S. Air Force and the Department of Defense.
The proceeding comes connected the heels of a abstracted House proceeding Tuesday, wherever the Agriculture Committee grilled speech executives and erstwhile regulators connected compliance and user protection. It besides marks the archetypal clip lawmakers person hosted a crypto proceeding that addressed non-financial usage cases
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