According to Wyatt, blockchains offer a solution to this problem by democratizing the Internet and creating a Web3 that is based on decentralized and transparent systems. Blockchains use cryptography and a network of computers to secure and maintain information, eliminating the need for a centralized authority. In this Web3 model, users have control over their data and can choose when, how, and whether to share it with applications and services.
In regards to how the U.S. government could partner with the industry to advance modernization, Wyatt mentioned that the current regulatory environment is a major barrier. By fostering a well-regulated blockchain ecosystem, the U.S. can maintain its competitive edge and ensure the technology industry thrives domestically:
"When regulation does not meet novel technology where it is, the U.S. loses its competitive edge over other countries." Finally, Wyatt argued that building a blockchain technology ecosystem in the United States is beneficial for Americans. It can drive economic growth and create jobs, both in the technology sector and non-technical sectors. It also allows for better consumer protection by leveraging the transparency of blockchains and aligning regulation with novel technologies.
In Wyatt’s testimony, he discussed the potential of blockchain technology and its value to users, and the benefits of building a healthy and well-regulated blockchain ecosystem in the United States.