Polygon Labs prez talks about democratizing the internet with Web3 and blockchains.

The Subcommittee on Innovation, Data and Commerce of the United States House of Representatives Energy and Commerce Committee held a meeting on June 7 to discuss the future of Web3 and blockchain technology. Members of the crypto industry, including Polygon Labs president Ryan Wyatt and several legal experts, were present to engage in a constructive dialogue with the committee. This meeting took place shortly after the SEC filed back-to-back lawsuits against major crypto exchanges Binance and blockchain.

During the meeting, Wyatt highlighted the potential of blockchain technology and its value to users, and emphasized the benefits of building a healthy and well-regulated blockchain ecosystem in the United States. Wyatt explained that blockchains solve the problem of value extraction on the internet, which is currently being done by large centralized tech companies extracting value from users by charging fees for goods and services and collecting user data for their benefit. In contrast, decentralized and transparent systems, which are the basis of Web3, democratize the internet. Blockchains use cryptography and a network of computers to secure and maintain information, eliminating the need for a centralized authority. In this model, users can control their data and choose when, how, and whether to share it with applications and services.

Wyatt mentioned that the current regulatory environment is a significant barrier to the advancement of modernization, and suggested that a well-regulated blockchain ecosystem would help the U.S. maintain its competitive edge and ensure that the technology industry thrives domestically. Building a blockchain technology ecosystem in the U.S. can drive economic growth and create jobs in both the technology and non-technical sectors, and can also allow for better consumer protection by leveraging the transparency of blockchains and aligning regulation with novel technologies.

Finally, Wyatt provided several examples of Web3 applications and use cases, such as blockchain-based consumer loyalty programs, nonfungible tokens in the fashion industry, blockchain-based community organizations, and blockchain solutions for supply chain management in the U.S. Air Force and the Department of Defense. This hearing was the first time lawmakers hosted a crypto hearing that addressed non-financial use cases.