On June 7, the Subcommittee on Innovation, Data and Commerce of the United States House of Representatives Energy and Commerce Committee convened to debate blockchain technology and the potential of Web3. Representatives from the crypto industry, such as Polygon Labs president Ryan Wyatt and a number of legal experts, were present at the gathering and engaged in a productive conversation.
At this meeting, which occurred shortly after the SEC issued successive lawsuits against crypto giants Binance and Coinbase, Wyatt spoke about the potential of blockchain technology and its advantages for users, as well as the advantages of forming a secure and properly regulated blockchain environment in the United States.
Wyatt commenced by tackling the essential issue that blockchains resolve – the “value extraction” issue on the web. He elucidated that in the present epoch of the internet – usually referred to as “Web2” – large centralized tech firms take advantage of users by levying fees for products and services and gathering user data for their own gain.
Wyatt claims that blockchains are the answer to the problem of democratizing the internet, leading to the development of Web3. This system is based on decentralization and transparency, and utilizes cryptography and a network of computers to protect and store data, thus removing the need for a centralized authority. With this Web3 model, users are able to manage their own data and decide when, how, and if they want to share it with applications and services.
Regarding the U.S. government’s potential partnership with the industry to promote modernization, Wyatt pointed out that the existing regulatory framework is a major impediment. He suggested that the U.S. should create a properly regulated blockchain ecosystem, so as to maintain its competitive advantage and guarantee that the technology sector continues to prosper domestically.
Wyatt concluded that establishing a blockchain technology infrastructure in America would be beneficial for the nation, as it would stimulate economic growth and create jobs in both technical and non-technical industries. Furthermore, the transparency of blockchains could be utilized to provide better consumer protection, while at the same time, regulations could be adjusted to accommodate new technologies.
The US Financial Services Committee has scheduled a meeting to discuss the potential of cryptocurrencies.
Wyatt’s account has given several illustrations of Web3 applications and their utilization, including blockchain-based consumer loyalty initiatives, nonfungible tokens in the fashion business, blockchain-based community associations, and blockchain-powered supply chain management for the U.S. Air Force and the Department of Defense.
At the June 6 Agriculture Committee meeting, members questioned exchange executives and former regulators on compliance and consumer protection. This hearing is the first of its kind, in that it is addressing the non-financial applications of crypto.
Magazine: Can Blockchain Enhance Trust in Artificial Intelligence? – A Look at Moral Responsibility.
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