Ava Labs CEO warns of disastrous consequences due to fear of blockchain.

The CEO of Ava Labs, Emin Gün Sirer, will be urging United States officials to support responsible blockchain innovation, warning of “disastrous consequences” if they do not. Gün Sirer’s defense of what he describes as a “revolutionary technology” is part of his testimony to the U.S. House Financial Services Committee on June 13. The hearing will include Chair Patrick McHenry, Ranking Member Maxine Waters, and other members of the House committee. Gün Sirer’s testimony aims to explain how blockchain can transform society by making digital services more efficient, reliable, and accessible to all.

My written testimony for the House Financial Services Committee hearing on blockchains and the future of digital assets is now public. You can read it to preview what I’ll say and live stream the hearing at 2 p.m. ET tomorrow here: https://t.co/bv2pWTwCVT https://t.co/dtRlBmuN4F

— Emin Gün Sirer (@el33th4xor) June 12, 2023

The hearing comes amidst numerous regulatory enforcement actions by the U.S. Securities Exchange Commission and U.S. Senator Elizabeth Warren’s plans to build an “anti-crypto army.” However, Gün Sirer fears that such action may backfire, with severe consequences for the country’s economy. He added that a failure to provide a “sensible regulatory framework” would not only hinder economic growth but also make it easier for bad actors to conduct illicit activities.

I am honored to discuss the need for free, safe, and responsible blockchain innovation in the U.S. before the House Financial Services Committee next Tuesday. I look forward to advocating for the technical and scientific merits of these systems. https://t.co/FUuuXmdrg1

— Emin Gün Sirer (@el33th4xor) June 9, 2023

The Ava Labs CEO explained that the U.S. won the first wave of the internet revolution in the early 2000s because it enabled “responsible freedom to innovate.” He’s now calling on U.S. officials to “follow the same path” in what he describes as an increasingly “digitally-native world.” Gün Sirer said that blockchains are the clear technological answer to the needs of a more digitally-native world, adding that blockchains will one day capture a large share of the world’s economic value.

“The addressable market for digitizing the world’s assets and transferring value safely across the internet is greater than the sum of all the value of all existing assets.”

Gün Sirer isn’t the only industry figure to share this view either. In an interview with CNBC Crypto World on June 8, Chainlink Labs CEO Sergey Nazarov explained that it is “absolutely inevitable” that much of the world’s economic value will soon find its way on-chain.

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