Circle CEO, Jeremy Allaire, yesterday appeared before the U.S. Senate Committee on Banking, Housing and Urban Affairs to testify on issues relating to blockchain technology and cryptocurrencies.
Prior to the Senate hearing in which Jeremy was the only witness to testify for blockchain and cryptocurrencies, Jeremy had earlier Tuesday, submitted his testimony, in which he had made major propositions and drafted several use cases and importance of blockchain and cryptocurrencies to the U.S. Congress.
In his drafted testimony, Jeremy had stressed on issues pertaining to the current financial system’s inefficiency along the lines of cost, effectiveness, ease of transaction and being primitive. Expressing the need to measure up to the inbound blockchain technology, Jeremy maintained that it was imperative for the U.S. to step up to the challenges faced by the current system which inhabit money launderers and many other forms of illicit financial crimes rising up to about 99% over the years.
Furthermore, Jeremy also testified along the lines of future developments, maintaining that if proper measures were taken, a drastic change that would benefit the lives of citizens was imminent. A future where digital currencies will become the order of the day and a low for direct transactions between any two pair from their mobile devices and become free services on the internet.
During the Senate Hearing, Jeremy Urged the U.S. Congresspersons to adopt the regulatory frameworks that would support blockchain and cryptocurrencies in the U.S.
In Jeremy’s words,
“It is vital that we allow innovators room to grow in the United States. Congress should adopt national policies that define and establish digital assets as a new asset class including appropriate rules and exemptions.”
In the light of Jeremy’s testimony, few Congresspersons agreed with Jeremy’s point of view of national security and financial improvement along the lines of blockchain and cryptocurrencies. Congressman and committee chairman Mike Crapo commented,
“It seems to me that these technologies and other digital innovations are inevitable. They could be beneficial and I believe the US should lead in their development. That can’t happen without clear rules of the road.”
Eventually, it appeared as though this version of Jeremy’s Senate Hearing testimony was more understandable to the Senate than the previous David Marcus’s approach.
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