Polygon Labs president testifies on democratizing the internet with Web3, blockchains

The U.S. House of Representatives Energy and Commerce Committee’s Subcommittee on Innovation, Data and Commerce met on June 7 to discuss blockchain technology and the future of Web3. The committee was attended by members of the crypto industry, including Ryan Wyatt, president of Polygon Labs, and several legal experts. for a more friendly dialogue.

The meeting was held shortly after the SEC announced a string of lawsuits against major crypto exchanges Binance and Coinbase. Wyatt’s testimony Discussed The potential of blockchain technology and its value to users, and the benefits of building a healthy and well-regulated blockchain ecosystem in the United States.

Wyatt started by tackling the underlying problem that blockchain solves: the “value extraction” problem on the internet. He said that in the current age of the Internet, dubbed “Web2,” large centralized technology companies derive value from users by charging fees for goods and services and collecting user data for their own benefit. explained that

Today, I had the opportunity to testify before the Innovation, Data, and Commerce Subcommittee on Congressional Hearings. Our focus is on educating lawmakers on why this technology is important to all of us and how it will change the value paradigm of the Internet.

we are in this situation together. pic.twitter.com/l8OcDM12hB

— Ryan Wyatt (@Fwiz) June 7, 2023

According to Wyatt, blockchain offers a solution to this problem by democratizing the internet and creating a Web3 based on a decentralized and transparent system. Blockchain uses cryptography and a network of computers to protect and maintain information, eliminating the need for a centralized authority. This his Web3 model puts users in control of their data and lets them choose when, how and whether to share it with applications and services.

Wyatt said the current regulatory environment is a major barrier to how the U.S. government can work with industry to advance modernization. By fostering a well-regulated blockchain her ecosystem, the United States can remain competitive and ensure a thriving tech industry at home.

“If regulations are not compatible with the current state of new technology, the United States will lose its competitiveness against other countries.”

Finally, Wyatt argued that building a blockchain technology ecosystem in the United States would be beneficial to Americans. It can drive economic growth and create jobs in both tech and non-tech sectors. Leveraging the transparency of blockchain and aligning regulations with new technologies will also enable greater consumer protection.

Related: U.S. Financial Services Commission Sets Date to Discuss Future of Cryptocurrencies

Wyatt testifies to Web3 applications including blockchain-based consumer loyalty programs, non-fungible tokens (NFTs) in the fashion industry, blockchain-based community organizations, and blockchain solutions for supply chain management for the U.S. Air Force. and some examples of use cases are shown. and the Department of Defense.

The hearing follows another House hearing on Tuesday in which the Agriculture Committee hit hard on exchange executives and former regulators over compliance and consumer protection. It also marks the first time lawmakers have hosted a cryptocurrency hearing addressing non-financial use cases.

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