On May 10, 2023, the Web3 foundation testified on digital asset regulation before the U.S. House of Representatives. Daniel Schoenberger, the chief legal officer of the Web3 Foundation, led the discussion.
In Washington, DC, Daniel shared the Web3 & Polkadot vision and our experience working with US lawmakers during a hearing of the House U.S. House Committee on Financial Services Republicans and the House Committee on Agriculture.
Gavin Wood, the founder of Polkadot, established the Web3 Foundation with the aim of creating the Web3 vision—an adaptable and versatile internet infrastructure for all industries and applications. In line with this vision, the Polkadot network was developed and introduced over a span of five years.
Here are key takeaways from the defense:
It is pleasing to see Web3 companies include more transparency in their dealings. We have observed several Web2 executives, such as Jack Dorsey, Mark Zuckerberg, and Shou Zi Chew, the CEO of TikTok, embracing this approach.
Although some Web3 CEOs have also been at the congress. These appearances will further boost the knowledge of congressmen as regards the innovations that can be done with Web3
Schoenberger explains how Web3 aims to return control of data to users, making the internet more decentralized, secure, and user-centric. It empowers individuals by leveraging blockchain technology to enable peer-to-peer interactions and eliminate intermediaries. With Web3, users can own and manage their data, deciding who has access and how it’s used. This paradigm shift ensures greater privacy, as personal information is not stored in centralized databases vulnerable to breaches.
Web3 enables the creation of decentralized applications (dApps) that operate on distributed networks, reducing the risk of single-point failures and censorship. By putting users at the center, Web3 revolutionizes the internet, fostering a more inclusive and democratic digital landscape.
Web3 offers vast potential for implementing secure and decentralized solutions across various applications, including land registration and property rights management in both physical and digital realms. By providing transparent and tamper-proof records for land ownership, it can revolutionize the way we manage digital assets within virtual reality and the metaverse. Moreover, it facilitates decentralized identities and the management of digital intellectual property, enabling seamless proof of ownership and efficient tracking mechanisms. With Web3, these functionalities become actively deployed, paving the way for enhanced security, transparency, and efficiency in domains ranging from land administration to the digital economy.
MeWe, a social network with 20 million members, exemplifies the significance of decentralized social media. It prioritizes user privacy and has recently made a noteworthy development by embracing the Decentralized Social Network Protocol (DSNP) from Project Liberty. Frank McCourt, former owner of the Los Angeles Dodgers baseball team, created this protocol. DSNP, an open-source initiative, furnishes the essential infrastructure for a social network while remaining independent of any particular company. Consequently, users gain heightened authority over their data, empowering them with greater control and ownership within the MeWe platform.
The U.S. and the world can benefit immensely from Web3 technology and the Polkadot network, as they have the potential to revolutionize the global economy and everyday life. However, to fully leverage these advantages and maintain its leadership position in blockchain technology development, the U.S. must establish a robust regulatory framework that aligns with this technology. Without such a framework, the country risks missing out on the benefits and potentially falling behind in the global race. By proactively creating tailored regulations, the U.S. can foster innovation, ensure consumer protection, and create an environment that encourages the growth of Web3 technologies for the betterment of society and the economy.
Decentralization is here to stay, as it has the ability to innovate and improve every discipline in the world, ranging from supply chain, medicine, banking, and security, among others. It is only a matter of time before decentralization is adopted globally.
The US will surely hold several organizations in the Web3 ecosystem accountable in the coming days or years, as a result of the plan to create a regulatory framework around the industry.
Why some have argued against regulation as it will defeat the goal of decentralization, and some have argued for it as non-regulation has led to a few bad eggs running havoc in the Web3 community.
We would see which of the divides will win at the end of the day.
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