Labs, Ryan Wyatt, contends that far from being a threat, blockchain is good for America even if new consumer protection laws regarding the technology still prove necessary. Wyatt’s planned testimony states that policy makers and industry participants need to “come together with a willingness to build out regulations that intersects properly with the realities of this technological innovation and protects consumers and the U.S. markets.
Prepared remarks from Ross Schulman, the senior fellow of decentralization for privacy non-profit Electronic Frontier Foundation, state that while “blockchains make it easier to provide transparency” and could potentially be applied to “legal proceedings where chain of custody is of the essence,” they have counterintuitively improved Americans’ privacy by leading to breakthroughs in cryptography that let individuals prove information about them is true without revealing other private details.
Schulman added: “The two greatest things that Congress could do to protect Americans from harms related to blockchains would be to pass consumer-driven comprehensive privacy legislation and to adequately fund the FTC [Federal Trade Commission] so that it can hire the technical and legal experts it needs to properly investigate and prosecute those harms.”
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