President of Polygon Labs Ryan Wyatt attended the meeting along with several industry captains and discussed at length about blockchain technology.
The crypto industry turned up for detailed discussions on blockchain technology at a recent meeting held by a US House Committee. One of the attendees was Polygon Labs President Ryan Wyatt, who testified before the committee.
The meeting, held on June 7 by the United States House of Representatives Energy and Commerce Committee’s Subcommittee on Innovation, Data, and Commerce, was held at a sensitive time when regulatory issues have cropped up for the crypto industry in the United States. Nonetheless, the meeting was attended by industry insiders as well as legal experts.
Ryan Wyatt touched upon various aspects of blockchain technology and crypto and initiated his speech by describing the Web2 internet era, where large technology companies had revolutionized many sectors, disrupting industries and bringing in innovation. However, he claimed such advantages came at a cost in terms of privacy and fees.
He then went on to explain blockchain technology and how it could be used for users’ benefit. “Because no single person or company controls a blockchain or has control over user data on a network, web3 avoids two fundamental problems encountered in web2: companies having the sole ability to monetize user data, and companies holding user data in a way that it can be hacked or otherwise compromised,” he stated.
He explained a few benefits and use cases of blockchain and then touched upon crypto regulation in the US and how it could enable the technology to drive economic growth and create new jobs.