Key Points
- Polygon Labs President has testified to the United States House of Representatives Energy and Commerce Committee’s Subcommittee on Innovation, Data, and Commerce on blockchain technology and how its infrastructure could impact the U.S.
- The committee has been listening to regulators and crypto executives testify regarding the potential of the crypto and blockchain industry regarding a bill presented for crypto regulation.
U.S. House Committee records Polygon Labs President remarks on the crypto industry
Polygon Labs President Ryan Wyatt gave his testimony on the crypto industry to the committee on June 7. The meeting was held regarding a crypto regulation bill that has been presented and seeks to harmonize the efforts toward crypto regulation in the country. The Polygon Labs President is one of several crypto executives who are discussing the non-finance-related impacts of blockchain technology with the committee.
The testimonials session comes at a time when the U.S. SEC is going after crypto exchanges and entities hard without the existence of a binding crypto regulatory framework. The regulator has been in the spotlight after charging Binance.US on June 5 and Coinbase the next day.
Coinbase alleges that it had cleared with the SEC before it began operations and tried to register some of its products later on, only for the regulator to severely stonewall its efforts. The regulator is now suing them for not ‘registering’ their securities with them.
However, such happenings may end sooner than later with the new bill in Congress. In his testimony, Wyatt discussed the potential of blockchain technology and its value to users and revamping the internet infrastructure in the United States. He addressed the problem that blockchain technology solves: value extraction on the internet.
Wyatt said that the current Web 2 internet iteration, where companies extract value from the users, will be best left behind as Web 3 allows users to enjoy their value and own their data. He explained how using cryptography and decentralization could solve most internet users’ issues.
He touched on the current regulatory turmoils asking the U.S. lawmakers to do more as the innovation may slip out of their hands. In his words, Waytt said:
“When regulation does not meet novel technology where it is, the U.S. loses its competitive edge over other countries.”
He topped off his argument by explaining how building blockchain ecosystems in the United States of America would benefit economic growth and inclusion. He explained that the transparency that comes with blockchains would streamline productivity and supply chain management, making every dollar count for its value.
Keep watching Fintech Express for updates on crypto regulation and other FinTech-related developments.