Policymakers in the US are generally reluctant to integrate blockchain technology into the country’s financial system. However, some business owners have warned the authorities against ignoring the technological transformation of the financial systems. Recently, Emin Gün Sirer, Ava Labs CEO, Emin Gün Sirer, CEO of Ava Labs, requested US policymakers to “nurture” and “support” accountable blockchain innovation, and warn them of the “disastrous consequences” of turning a blind eye to the technology’s imminent widespread use. Gün Sirer testified before the U.S. House Financial Services Committee on June 13; Patrick McHenry, Maxine Waters, and other members of the House Committee were in attendance. He defended what he calls a “revolutionary technology” in his testimony. In his speech, Gün Sirer discussed how blockchain technology might “transform society” by making digital services “more efficient, reliable, and accessible to all.”
US lawmakers’ approach to blockchain technology
The meeting was held in the midst of a flurry of regulatory enforcement measures by the U.S. Securities Exchange Commission (SEC) and proposed plans by U.S. Senator Elizabeth Warren to create a “anti-crypto army.” Gün Sirer, meanwhile, is concerned that such a move might have “disastrous consequences” for the nation’s economy, stating: “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.” The “failure” to establish a “sensible regulatory framework,” he continued, would not only stunt economic expansion but also “make it easier for bad actors to engage in fraudulent activities.”
The necessity of integrating blockchain into economy
Gün believes US won the first wave of the internet revolution because she allowed for innovation and therefore, it is advisable for the US law makers to follow the same path regarding the blockchain technology. He stated as the world moves towards AI- and VR-oriented future, there is a strong need for “digitally-native transfer and programmability of value” and blockchains are the clear answer to this problem. He also predicted that blockchains will consequently account for a significant portion of the global economy.
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