US House of Representatives Explores the Future of Blockchain and Web3

The President of Polygon Labs highlights the importance of making the internet accessible to everyone through Web3 technology. Wyatt emphasizes that regulatory alignment is vital for the United States to stay competitive in the blockchain industry

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On June 7, the United States House of Representatives Energy and Commerce held a meeting to discuss the future of blockchain technology and Web3. Industry leaders, including Polygon Labs president Ryan Wyatt, participated in a productive discussion centered around making the internet accessible to all and overcoming regulatory challenges.

The hearing occurred after the Securities and Exchange Commission (SEC) filed lawsuits against major crypto exchanges Binance and Coinbase. In this context, Wyatt’s testimony emphasized the significant opportunities presented by blockchain technology.

Also Read this: SEC Lawsuits Against Binance and Coinbase Spark Unity in the Crypto Industry

Wyatt’s testimony focused on the problem of “value extraction” in today’s internet environment. This refers to how big tech companies charge fees for their products and services while also collecting user data for their own advantage.

Wyatt Emphasizes Positive Outlook on US Regulatory Environment

Wyatt also discussed the importance of the U.S. government collaborating with the blockchain industry to promote modernization. He highlighted the challenges posed by the current regulatory environment and stressed the need to foster a well-regulated blockchain ecosystem. By doing so, the United States can maintain its competitive advantage and support the growth and success of the technology industry within the country.

In addition, Wyatt emphasized the important advantages of establishing a blockchain technology ecosystem in the United States. This ecosystem has the potential to drive economic growth and create job opportunities in various fields, including both technical and non-technical sectors. He also shared practical examples of how Web3 applications, such as blockchain-based customer loyalty programs and NFTs, can bring tangible benefits to everyday life.

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This hearing is a significant move by lawmakers to investigate the non-financial applications of cryptocurrencies, particularly in light of the challenges faced by the community in the United States.

Also Read: SEC Lawsuits Against Binance and Coinbase Spark Unity in the Crypto Industry

Important: This article is intended solely for informational purposes. It should not be considered or relied upon as legal, tax, investment, financial, or any other form of advice.

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