Cryptocurrency

Discussions on encryption and major technology companies combined with decentralized hearings on the digital ecosystem

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House Representative Blaine Luetkemeyer from Missouri re-examined the issue of large companies controlling a large amount of the Internet, and he expressed concern about intruding into the encryption field.

Luetkemeyer speaks at a hearing on digital assets with the House Financial Services Committee on Wednesday solve Brian Brooks, Bitfury’s chief executive and former currency acting auditor general, stated that major technology companies including Instagram, Facebook (now Meta) and Twitter “control the people on their platforms.” Luetkemeyer asked whether this level of control would extend to undue influence on the launch of the digital dollar.

“The point of encryption is true decentralization,” Brooks said. “Successful projects will be projects that achieve this goal. Bitcoin’s success is because there are millions of participants in the node network, so Twitter does not have a CEO to cancel your platform, and the CEO of JPMorgan Chase did not take yours. credit card.”

Bitfurty CEO Brian Brooks speaks before the House Financial Services Committee on December 8

The CEO of Bitfury added that he believes companies that fail to meet this standard will be classified as the “ash pile of history”-that is, lose relevance and largely forgotten.In a written statement to the committee, Brooks Imply The decentralized Internet will be “better than the Internet mainly controlled by five major companies”:

“Cryptocurrency policy should not only consider any new risks introduced into the system, but also consider solving the risks in the existing system through decentralization.”

related: The Bank for International Settlements called the rise of decentralized finance an “illusion” in its latest quarterly review

For many lawmakers attending the meeting The future of digital assets and finance Listening, the goal seems to be to better understand the existing space, not how they can Provide a clear regulatory framework For future encryption and blockchain. Six CEOs from Circle, Paxos, Coinbase Inc., Stellar Development Foundation, FTX, and Bitfury attended the meeting. They answered questions about ransomware attacks, quantum computing, and price fluctuations.

As the House Committee hearing is still in progress, this story is under development and may be updated.