Emin Gün Sirer's Urgent Plea to U.S. Officials for Responsible Innovation

Emin Gün Sirer’s Urgent Plea to U.S. Officials for Responsible Innovation

Updated: 13 June 2023

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Ava Labs CEO urgently calls on U.S. officials for responsible blockchain innovation, warning of potential consequences. His plea comes before his testimony at the U.S. House Financial Services Committee, advocating for a sensible regulatory framework.

Emin Gün Sirer’s Urgent Call to U.S. Officials

Ava Labs’ CEO, Emin Gün Sirer, has expressed the intention of urging officials in the United States to promote responsible innovation in the field of blockchain and extend their support. He has emphasized the importance of their actions by warning them about the potential severe repercussions that could arise if they neglect these responsibilities.

This appeal forms part of his upcoming testimony before the U.S. House Financial Services Committee on June 13, where notable attendees will include Chair Patrick McHenry, Ranking Member Maxine Waters, and other committee members.

Gün Sirer’s objective in his testimony is to elucidate how blockchain technology has the potential to revolutionize society, enhancing the efficiency, reliability, and accessibility of digital services for everyone.

This development has occurred amidst a surge of regulatory enforcement actions taken by the U.S. Securities Exchange Commission and the expressed intentions of U.S. Senator Elizabeth Warren to assemble an “anti-crypto army.“

However, Gün Sirer is concerned that such actions may yield adverse outcomes, casting a shadow over the nation’s economy. He emphasizes the urgent need to recognize the power of blockchain technology, warning against misconceptions or unfounded fears, as the ramifications could be disastrous.

Moreover, Gün Sirer emphasizes that the absence of a sensible regulatory framework could not only hinder economic growth but also facilitate illicit activities by malicious actors.

Follow The Dot Com Blueprint

Drawing upon the United States’ success in the early 2000s in winning the initial wave of the internet revolution through responsible innovation, the CEO of Ava Labs implores U.S. officials to follow a similar path, particularly in the context of an increasingly digitally-native world.

He emphasizes the significance of adapting to this digitally-native environment, fueled by advancements in AI, virtual reality, and remote work, and stresses the growing reliance on digitally-native value transfers and programmability.

Gün Sirer asserts that blockchains present a definitive technological remedy to address these evolving requirements, foretelling their eventual domination of a significant share of the world’s economic worth.

It is worth noting that Gün Sirer’s perspective is not unique. Chainlink Labs CEO Sergey Nazarov, in an interview with CNBC Crypto World on June 8, echoed a similar sentiment, deeming it “inevitable” that a significant portion of the world’s economic value will soon transition onto blockchain networks.

Emin Gün Sirer’s Vision for Maturing the Blockchain and Cryptocurrency Industry

During the annual Cornell Blockchain conference, Gün Sirer expressed that the blockchain and cryptocurrency industry cannot be considered mature until regulators possess the ability to read and audit code. Gün Sirer pointed out that regulators are currently far from reaching that level of understanding, as they are preoccupied with other matters that he finds trivial.

Following the tumultuous events in the crypto space in 2022, including the collapse of the FTX exchange, regulators have intensified their scrutiny, particularly in the United States. However, Gün Sirer believes that even the most stringent crackdowns will not eradicate cryptocurrency.

He argues that the digital-first Generation Z, who have witnessed the remarkable potential of these innovative technologies, will ensure their endurance and prevent them from being extinguished, even in the face of a complete crypto ban.

Gün Sirer also highlighted several areas that need improvement to onboard the next billion users to crypto, such as scalability, ease of use, and adaptability. However, when asked about the feasibility of zero-knowledge proofs (ZKPs), a secret sharing technology, to achieve widespread adoption, he expressed skepticism.

He referred to the crypto space’s tendency to eagerly await “Godot” solutions, referencing Samuel Beckett’s play where characters endlessly wait for something that never arrives.

Gün Sirer emphasized that if a solution does not work currently, there are usually valid reasons behind it. While acknowledging the potential of ZKPs, he raised concerns about their scalability and impact on user experience, even if they prove effective.

Gün Sirer’s remarks shed light on the need for regulatory understanding, the resilience of the crypto industry, and the challenges and considerations involved in improving the technology for broader user participation.

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