Fear of blockchain will have ‘disastrous consequences’ — Ava Labs CEO testimony

Ava Labs CEO Emin Gün Sirer is urging US officials to promote and sustain responsible blockchain innovation, and warning that failure to do so will have disastrous results.

Gün Sirer is set to deliver a testimony to the U.S. House Financial Services Committee on June 13, with Chair Patrick McHenry, Ranking Member Maxine Waters, and other House Committee members in attendance. His comments in the testimony will be in defense of what he terms a “revolutionary technology”.

Gün Sirer’s testimony seeks to elucidate how blockchain technology can revolutionize society by making digital services more efficient, dependable, and accessible to everyone.

It follows a series of regulatory enforcement actions taken by the U.S. Securities Exchange Commission (SEC) and U.S. Senator Elizabeth Warren’s expressed intention to create an “anti-crypto army.”

Gün Sirer is concerned that if such action is taken, it could have “catastrophic effects” on the nation’s economy.

He warned that a lack of a “sensible regulatory framework” would not only impede economic growth, but also make it simpler for criminals to carry out illegal activities.

The CEO of Ava Labs declared that the U.S. had “triumphed in the initial surge of the internet revolution” in the early 2000s as it allowed for “responsible liberty to create.”

Ava Labs CEO suggests that DeFi should work in conjunction with, rather than against, TradFi: Davos 2023.

He is now urging American authorities to take the same course of action in the ever-evolving “digitally-native world.”

Gün Sirer proclaimed that blockchains are the definitive technological solution to these requirements, and added that eventually, blockchains will possess a substantial proportion of the world’s economic worth.

Gün Sirer is not the only one in the industry to hold this opinion.

In an interview with CNBC Crypto World on June 8, Chainlink Labs CEO Sergey Nazarov declared that it is “unavoidable” that a significant portion of the world’s economic value will soon be held on-chain.

Magazine Article: The Dangers of Unstablecoins: Depegging, Bank Runs, and More.