- Van Valkenburgh reportedly explained the importance of cryptos to the future of the internet to the US Senate
- Says DLT and cryptoassets may proffer solutions to the flaws of the world wide web
- Van Valkenburgh also explained to senators that bitcoin eliminates existing financial barriers
While bitcoin and established altcoins like Ethereum have succeeded in bringing the revolutionary blockchain technology into the limelight, some regulators and policymakers still see nothing good in crypto. Against that backdrop, Peter Van Valkenburgh has explained the importance of the nascent digital assets to U.S regulators in a Senate Banking Committee hearing.
US Senators Wary of Crypto
According to a Forbes report on October 11th, Elizabeth Warren, a potential 2020 Democratic Party presidential candidate, said in a Senate Banking Committee hearing that digital assets are easy to steal and bad actors are continually launching fake initial coin offerings (ICOs) to defraud retail investors.
The senator also said that regulators are facing an arduous task trying to ‘nurture productive aspects of crypto while protecting consumers.’
Alabama Democratic Senator Doug Jones also opined that he has reservations about digital assets because from his years of experience in prosecuting criminals he has come to understand that cryptocriminals are more technologically sophisticated than law enforcement.
Bitcoin and Distributed Ledger Technology have Huge Potential
Per a news release on its website on October 11, 2018, Peter Van Valkenburgh, Director of Research at CoinCenter, a leading non-profit organization whose primary objective is to tackle the policy challenges plaguing the digital currency industry, has testified in support of cryptocurrency innovation and the need for amenable regulation before the Senate Banking Committee.
Van Valkenburgh reportedly argued that the burgeoning digital asset class and the groundbreaking distributed ledger technology (DLT) that underpins it is essential to the future of the internet as they are already revolutionizing the way information is organized on the internet.
The highly reputed proponent of blockchain technology and crypto made it clear that there is a real possibility that digital assets and DLT could eliminate some of today’s problems with the Internet, as dedicated researchers and developers are working round the clock, experimenting and building solutions with cryptocurrency.
Not perfect yet
The researcher also explained to senators that while bitcoin and other digital assets are still pretty experimental, the truth remains that crypto is a significant breakthrough in computer science since it makes it possible for people to carry out financial transactions across the globe in real-time without corporate intermediaries.
As such, the gospel of distributed ledgers and cryptocurrency should be embraced and favorably regulated, Van Valkenburgh argued.
He further noted that blockchain technology eliminates the costly vulnerabilities present in systems with a single point of failure.
“Roughly half of all Americans, 143 Million, have had their Social Security numbers exposed to hackers because of a breach at Equifax,” he stated, citing several other scenarios where criminals had exploited the vulnerabilities of centralized systems to steal vast amounts of money.