Jun 08, 2023

House of Reps Discusses Blockchain Tech and Web3’s Future

The United States House of Representatives Energy and Commerce Committee’s Subcommittee on Innovation, Data and Commerce gathered to discuss blockchain technology and the future of Web3 on June 7. Crypto industry members, including Polygon Labs president Ryan Wyatt and several legal experts, appeared before the committee to engage in what transpired to be a constructive dialogue.

This meeting followed the SEC’s announcement of two consecutive lawsuits against major crypto exchanges Binance and Coinbase. Ryan Wyatt’s testimony focused on the potential of blockchain technology and its value to users, and the benefits of building a well-regulated blockchain ecosystem in the United States.

Wyatt began by discussing the “value extraction” problem on the internet, which is the fundamental issue that blockchains can solve. He explained that in the current era of the internet — commonly called “Web2” — large centralized tech companies extract value from users by charging fees for goods and services and collecting user data for their benefit.

The solution to this problem is Web3, which is based on decentralized and transparent systems. Blockchains use cryptography and a network of computers to secure and maintain information, eliminating the need for a centralized authority. This allows users to control their data and choose when, how, and whether to share it with applications and services.

Wyatt argued that building a blockchain technology ecosystem in the U.S. benefits Americans by driving economic growth and creating jobs in both the technology and non-technical sectors. It can also allow for better consumer protection by leveraging the transparency of blockchains and aligning regulation with novel technologies.

He provided several examples of Web3 applications and use cases, such as blockchain-based consumer loyalty programs, nonfungible tokens (NFTs) in the fashion industry, blockchain-based community organizations, and blockchain solutions for supply chain management in the U.S. Air Force and the Department of Defense.

The hearing marks the first time lawmakers have hosted a crypto hearing that addressed non-financial use cases. It comes on the heels of a June 6 Agriculture Committee meeting where members grilled exchange executives and former regulators on compliance and consumer protection.

The potential of blockchain technology and Web3 has been gaining traction in the U.S. and around the world. With the emergence of NFTs, companies have been looking for ways to promote their NFTs and increase their visibility. NFT marketing agencies are now offering services to help companies market their NFTs on platforms such as Twitter. These agencies can provide creative solutions for companies to maximize the potential of their NFTs and help them reach their target audiences.

The future of Web3 is bright, and the potential of blockchain technology is immense. With the right regulations and the right support from the U.S. government, the U.S. can ensure that the technology industry thrives domestically and that the American public can benefit from the advantages of blockchain technology.

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