Categories: Market

Discussion of cryptocurrency and big tech companies attending due diligence hearings

“The point of crypto is that there is real decentralization – the successful projects will be the projects that get them,” said Brian Brooks.

news

Blaine Luetkemeyer, Representative for the Missouri House of Representatives, reiterated the problem of large corporations’ control over large swaths of the web and raised concerns about the penetration into crypto space.

Speaking at Wednesday’s digital assets hearing with the House Committee on Financial Services, Luetkemeyer told Bitfury CEO and former currency control officer Brian Brooks that listed companies like Instagram, Facebook – now Meta – and Twitter are “getting people on.” control their platforms. “Lütkemeyer asked whether this level of control could also have an inappropriate influence on the implementation of the digital dollar.

“The point about crypto is that there is real decentralization,” Brooks said. “The successful projects will be the ones that get there. Bitcoin has been successful because there are literally millions of people participating in the node network and there is no Twitter CEO to take you down, no JPMorgan CEO to take your credit card. “

Brian Brooks, Bitfurty CEO, speaks to the House of Representatives Financial Services Committee in December

Bitfury CEO added that he believes that companies that fail to meet this standard will be relegated to the “ashes of history” – that is, lost in relevance and largely forgotten. In his written statement to the committee, Brooks suggested that a decentralized Internet was better “than a World Wide Web largely controlled by five large corporations”:

“The cryptocurrency policy must not only take into account all new risks that are introduced into the system, but also those in the existing system that are addressed through decentralization.”

Related: In its latest quarterly review, the Bank for International Settlements describes the rise in decentralized financing as an “illusion”

For the many legislators present Digital assets and the future of finance heard, the goal seems to be to gain a better understanding of the current space than how they can provide a clear regulatory framework for cryptocurrencies and blockchain in the future. Six CEOs from Circle, Paxos, Coinbase Inc., Stellar Progress Basis, FTX and Bitfury in attendance asked questions including questions about ransomware attacks, quantum computing and price volatility.

This story continues to evolve and can be updated as the House committee hearing is pending.

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

Qubetics Wallet Gets a Partner in Swift Blockchain as Chainlink Hits $24 and Kaspa Trends Between $0.10-$0.13

Explore how Qubetics' $7.5M presale success positions it among the best cryptos to buy in…

15 minutes ago

Is Web3Bay the New Amazon of Crypto? Here’s Why It’s a Contender in E-Commerce; Get the Latest on Cardano & Avalanche

Read about Web3Bay’s journey to shake up the crypto marketplace, challenging giants like Amazon. Plus,…

45 minutes ago

Qubetics Presale Raises $7.5M, Sells 372M Tokens While Avalanche and Render Token See Growth

Explore how Qubetics' successful presale aligns with the performances of Avalanche and Render Token. Discover…

2 hours ago

Analysts Spot BlockDAG’s Surge After AMA—Presale Reaches $171.5M Notcoin Rewards Grow, and Shiba Inu Turns Bullish

Learn how BlockDAG’s impactful AMA reignited interest, driving its presale beyond $171.5M. Plus, explore the…

4 hours ago

Monero’s Privacy Layer, Immutable X’s Scaling Innovation, Qubetics Presale Surge – Best Coins to Buy and Hold for Long Term in December 2024

Monero boosts privacy, Immutable X scales Web3, and Qubetics presale soars – discover the Best…

4 hours ago

This website uses cookies.