Ava Labs CEO Emin Gün Sirer will be calling on United States officers to “nurture” and “support” accountable blockchain innovation, warning that they face “disastrous consequences” if they do not.
Gün Sirer’s feedback in protection of what he describes as a “revolutionary technology” is a component of a testimony that he’s scheduled to present to the U.S. House Financial Services Committee on June 13. The viewers will embrace Chair Patrick McHenry, Ranking Member Maxine Waters and different members of the House committee.
Gün Sirer’s testimony goals to elucidate how blockchain can “transform society” by making digital companies “more efficient, reliable and accessible to all.”
My written testimony for the House Financial Services Committee listening to on blockchains and the long run of digital property is now public.
You can learn it to preview what I’ll say and dwell stream the listening to at 2 p.m. ET tomorrow right here:https://t.co/bv2pWTwCVT https://t.co/dtRlBmuN4F
— Emin Gün Sirer (@el33th4xor) June 12, 2023
It comes amid a slew of regulatory enforcement actions by the U.S. Securities Exchange Commission and U.S. Senator Elizabeth Warren’s indicated plans to construct an “anti-crypto army.”
But Gün Sirer fears that such motion could backfire, with extreme penalties for the nation’s financial system:
“Failure to see the power of blockchain technology — whether due to a lack of understanding or misplaced fears of the technology — will have disastrous consequences.”
He added {that a} “failure” to supply a “sensible regulatory framework” wouldn’t solely blowback financial development but in addition “make it easier for bad actors to conduct illicit activities.”
I’m honored to debate the necessity free of charge, protected, and accountable blockchain innovation within the U.S. earlier than the House Financial Services Committee subsequent Tuesday. I stay up for advocating for the technical and scientific deserves of these methods. https://t.co/FUuuXmdrg1
— Emin Gün Sirer (@el33th4xor) June 9, 2023
The Ava Labs CEO defined that the U.S. “won the first wave of the internet revolution” within the early 2000s as a result of it enabled “responsible freedom to innovate.”
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He’s now calling on U.S. officers to “follow the same path” in what he describes as an more and more “digitally-native world.”
“As we move towards a more digitally-native world, aided by AI, virtual reality, and a work-from-home society, we will have to rely increasingly on digitally-native transfer and programmability of value.”
“Blockchains are the clear technological answer to these needs,” Gün Sirer stated, including that blockchains will sooner or later seize a big share of the world’s financial worth:
“The addressable market for digitizing the world’s assets and transferring value safely across the internet is greater than the sum of all the value of all existing assets.”
Gün Sirer isn’t the one business determine to share this view both.
In an interview with CNBC Crypto World on June 8, Chainlink Labs CEO Sergey Nazarov defined that it’s “completely inevitable” that a lot of the world’s financial worth will quickly discover its means on-chain.
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