- Ryan Wyatt, President of Polygon Labs, discussed blockchain’s potential to democratize the internet by addressing “value extraction” issues in a US House Committee hearing.
- Wyatt advocated for a well-regulated blockchain ecosystem in the US to ensure technological industry growth and preserve competitiveness.
In an illuminating session held by the United States House of Representatives Energy and Commerce Committee’s Subcommittee on Innovation, Data and Commerce on June 7, discussions centered around the future of blockchain technology and Web3. Polygon Labs’ president Ryan Wyatt, among other industry leaders and legal professionals, delivered testimonies intended to shed light on these nascent technologies.
Today, I had the privilege of testifying at the Innovation, Data & Commerce subcommittee at a Congressional hearing focused on educating lawmakers on why this tech is important to all of us, and how it changes the value paradigm of the Internet.
We are in this together. pic.twitter.com/l8OcDM12hB
— Ryan Wyatt (@Fwiz) June 7, 2023
These discussions follow in the wake of the SEC’s recent lawsuits against cryptocurrency heavyweights Binance and Coinbase. During Wyatt’s testimony, he delved into blockchain’s potential, the value it delivers to its users, and the importance of fostering a well-regulated and thriving blockchain ecosystem on American soil.
Wyatt’s discourse kicked off with a focus on the fundamental issue that blockchains seek to resolve: the “value extraction” problem prevalent on the internet. As per his explanation, in today’s Web2 era, dominant centralized tech firms monetize their platforms by charging fees for services and products, while exploiting user data for their gain.
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Blockchains, according to Wyatt, offer a remedy to this issue by decentralizing and democratizing the internet, thereby ushering in the era of Web3. This technology employs cryptography and a distributed network of computers to secure and maintain data, obviating the need for a centralized authority. The Web3 model empowers users to maintain control over their data, deciding when, how, and if they wish to share it with apps and services.
On the topic of how the U.S. government can collaborate with the industry to expedite modernization, Wyatt highlighted the current regulatory environment as a key hurdle. He pointed out that by cultivating a properly regulated blockchain ecosystem, the U.S. could retain its competitive edge and ensure the domestic technology sector’s prosperity. Wyatt stated,
“When regulation does not meet novel technology where it is, the U.S. loses its competitive edge over other countries.”
To close his remarks, Wyatt contended that building a blockchain ecosystem within the U.S. would benefit Americans by stimulating economic growth and creating jobs in both tech and non-tech sectors. Furthermore, he argued that this could enhance consumer protection via blockchain transparency and by aligning regulation with these innovative technologies.
The hearing also featured Wyatt providing various examples of potential Web3 applications, such as blockchain-powered consumer loyalty programs, non-fungible tokens in the fashion industry, and blockchain-based solutions for supply chain management in the U.S. Air Force and the Department of Defense.
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