The U.S. House of Representatives Subcommittee on Innovation, Data, and Commerce of the Energy and Commerce Committee held a hearing on June 7, 2023, to discuss the future of Web3 and blockchain technology in the country.
Prominent figures from the industry, including Ryan Wyatt, president of Polygon Labs, and representatives from the cryptocurrency industry, testified before the committee on blockchain technology’s immense potential and value for U.S. citizens.
Today, I had the privilege of testifying at the Innovation, Data & Commerce subcommittee at a Congressional hearing focused on educating lawmakers on why this tech is important to all of us, and how it changes the value paradigm of the Internet.
We are in this together. pic.twitter.com/l8OcDM12hB
— Ryan Wyatt (@Fwiz) June 7, 2023
While testifying, Wyatt emphasized the fundamental problem that blockchains seek to solve is the problem of “value extraction” in the online realm. He drew attention to the dominance of large, centralized digital enterprises known as “Web2 companies” and their ability to extract value from customers through fees and data utilization to enrich themselves and fulfill their determined objectives.
According to Wyatt, blockchains form the foundation of Web3, a new decentralized and transparent paradigm. Web3 seeks to democratize the internet by eliminating the need for a central authority and relying on encryption techniques and a network of computers to ensure information security and integrity. In the Web3 paradigm, users have control over their data, empowering them to determine when, where, and how they share it with various applications and services.
Wyatt highlighted the challenge posed by the current regulatory landscape in the United States and the importance of collaboration between the government and the blockchain industry to drive innovation. He argued that a well-regulated environment is crucial for the U.S. to develop a robust blockchain ecosystem, maintain its competitive edge, and prevent losing ground to other nations.
Wyatt asserted that such an ecosystem would stimulate economic growth, creating job opportunities in both technical and non-technical sectors. Additionally, he emphasized the potential for enhanced consumer protection by leveraging the transparency of blockchains and aligning legislation with cutting-edge technologies.
This hearing is part of the U.S. House of Representatives’ ongoing discussions on the potential impact of blockchain, cryptocurrencies, and Web3 technology on the lives of U.S. citizens. It follows a previous hearing held by the Committee on Agriculture on June 6, 2023, which focused on compliance and consumer protection issues within the cryptocurrency industry. The meeting explored the application and significance of blockchain technology beyond traditional finance.
Additionally, the U.S. House Committee on Financial Services has announced its intention to hold a hearing titled “The Future of Digital Assets: Providing Clarity for the Digital Asset Ecosystem” on June 13, 2023. This hearing aims to discuss the potential effects of the digital assets ecosystem and the future of cryptocurrencies in the United States.
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