This was in preparation towards the Senate Hearing in which Mr. Jeremy Allaire is the major witness for the topic of blockchain and cryptocurrencies.
As the committee now looks into regulating the use of cryptocurrencies in the United States and has set up a hearing tagged “Examining Frameworks For Digital currencies And Blockchain”. With respect to this impending developments, Mr. Jeremy Allaire is to appear before the Senate on Tuesday and ahead of the game, Jeremy has submitted his testimony. The full testimony available here.
A few weeks back, Libra’s David Marcus was to be the one to face this uncertainty and take the brunt from these set of regulatory watchdogs. In David’s 2-day adventure with this fearsome committee of individuals, David had constantly drunk water after each difficult situations put to him in his bid to witness before the Senators, while trying to present the use cases of Facebook Libra, whose idea was about to be trampled upon. David’s effort proved abortive but remains uncertain until this present moment.
Now, Jeremy’s testimony to the Senate has outlined the promise of digital assets and blockchain technology and their potential to fundamentally improve and democratize financial services globally.
Jeremy Allaire has been an internet solution specialist for over two decades and a half of building internet technology platforms and companies in the United States. Presently, Jeremy is the CEO of Circle which is a new kind of global financial services company. A platform for individuals, institutions, and entrepreneurs to use, trade, invest and raise capital with open crypto technologies.
Jeremy’s testimony before the Senators today, if successful as desired, would mark a new beginning of virtualization in the United States. As the country seeks to regulate cryptocurrencies and blockchain establishments, its residents have been so far restricted from partaking in ICOs and this has prevented the advent of blockchain developments in the United States.
The United States’ Security and Exchange Commission, SEC constantly warns investors of the impending dangers of coin offerings participation and raise far too many red flags on cryptocurrencies than it does on other asset classes. This was the situation of things until recently, the U.S. SEC approved its first blockchain company after several tests and scrutiny. Not many establishments have been able to scale through the torn of regulatory practices set by the body as a standard.
All things being equal, Jeremy’s testimonies might, in fact, shed lights to the advantages of cryptocurrencies and also make the U.S. Senate see reasons for adopting the blockchain technology.