A hearing of positivity for cryptocurrency went underway yesterday before the U.S House of Agriculture Committee. A diverse panel of witnesses who are experts in the blockchain and cryptocurrency field were part of the hearing.
The public hearing was chaired by Michael Conaway, who is the Texas U.S Representative for Texas. The witnesses included Gary Gensler who formerly partnered in Goldman Sachs, Andreessen Horowitz, Scott Kupor, Daniel Gorfine from CFTC, Joshua Fairfield who is a law professor, Amber Baldet, and Lowell Ness a partner at Perkins Coie.
Discussions about Bitcoin being used for illegal activities was brought up, which was smoothly answered by the chairperson Michael Conaway. Conaway gave a logical and practical answer saying, “As long as stupid criminals keep using bitcoin, that’d be great.”
Many references of blockchain bringing the same impact as the internet have been witnessed lately. Steve Wozniak, Apple’s co-founder was one such technological guru who pointed to the comparison between the internet and blockchain, with a link to the internet bubble. Amber Baldet strengthened the argument in the hearing with the fact that blockchain needs to flourish similarly to how internet flourished. She specified a regulation that allows blockchain to grow needs to be put forward.
Daniel Gorfine from CFTC highlighted that even though 80% of blockchain related businesses are scams or go bankrupt that it is essential to educate people over the technology and scenarios of scams.
Gary Gensler encouraged that the regulations be implemented faster or other countries will take over the field of blockchain. He spoke about how the in the past innovators had fled the United States for a better future of technology, and this might be the same case if blockchain is not regulated positively.
Specialists from blockchain being brought together for the hearing is a positive sign for Blockchain technology’s emergence in the United States.
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