CDS Crypto News Ava Labs CEO Said Tokenization Was Not Created to Evade Laws
Crypto News

Ava Labs CEO Said Tokenization Was Not Created to Evade Laws

Emin Gün Sirer will come up in defense of blockchain technologies at today’s testimony before the House Financial Services Committee.

767
Ava Labs CEO Said Tokenization Was Not Created to Evade Laws

Ava Labs CEO, Emin Gün Sirer, is set to advocate for “sensible laws and regulations” from U.S. regulators and policymakers, aiming to establish a foundation for the responsible expansion of blockchain technologies.

Ava Labs CEO Said Tokenization Was Not Created to Evade Laws

Emin Gün Sirer, CEO of Ava Labs, is set to make a strong appeal to U.S. regulators and policymakers, urging them to establish “sensible laws and regulations” that will lay the foundation for responsible growth in blockchain technologies.

Sirer, known for leading the development of the Avalanche protocol, will deliver testimony during a hearing held by the U.S. House Financial Services Committee on Tuesday.

Ava Labs CEO Said Tokenization Was Not Created to Evade Laws

Joining him in the hearing will be prominent industry figures, including Circle CEO Jeremy Allaire, Coy Garrison from law firm Partner, Steptoe & Johnson, and Thomas Sexton III, President and CEO of NFA News.

Sirer’s primary goal is to advocate for the importance of enabling free, safe, and responsible innovation in blockchain technology within the United States.

Additionally, he aims to highlight the technical and scientific merits of these systems. One specific aspect he intends to address is the tokenization of real-world assets, emphasizing that tokenization is a natural outcome of blockchain technology and not a means to evade laws or regulations.

In his prepared speech, Sirer emphasizes that distributed consensus, a fundamental aspect of blockchain networks, solves a significant challenge in computer science by achieving agreement among a diverse set of computers.

Ava Labs CEO Said Tokenization Was Not Created to Evade Laws

He explains that distributed networks provide resilience, security, auditability, and availability, offering builders a robust foundation to tackle complex problems such as creating digitally unique assets, tracking ownership, and executing business processes securely.

Sirer’s testimony comes at a time when the U.S. Securities and Exchange Commission (SEC) has recently taken enforcement actions against prominent cryptocurrency exchanges, including Binance and Coinbase.

While the SEC alleges that Binance offered unregistered securities, Sirer argues that the value of leveraging decentralized networks extends beyond the scope of securities laws and financial services regulations.

He highlights the broader applications of distributed or decentralized networks in various areas of commerce, recreation, and communications.

Ava Labs CEO Said Tokenization Was Not Created to Evade Laws

Furthermore, Sirer emphasizes the importance of blockchain technology in an increasingly digitally-native world, especially with the rise of artificial intelligence. He asserts that blockchains will play a crucial role in addressing the challenges posed by this digital transformation.

Sirer’s testimony signals a pivotal moment in shaping regulatory approaches towards blockchain technologies in the United States, as industry leaders advocate for a balanced and forward-thinking regulatory framework to foster responsible growth and innovation in the field.

To access more crypto news: cryptodataspace.com

Sources:Decrypt
Written by
Aziz KARTAL

Aziz Kartal is 21 years old. He is a student at the Gazi University, Department of Electrical and Electronical Engineering. He works as content writer, researcher and social media manager. He generally research about Web3, Blockchain Security and Cybersecurity.

1 Comment

Leave a Reply

Related Articles

Bitcoin Options Market Turns Cautious: Higher Demand for Puts Than Calls Before Election

Bitcoin Options Market Turns Cautious: Higher Demand for Puts Than Calls Before...

What is Fenerbahçe Token? Meaning and Advantages for Fans

Fenerbahçe Token is a digital asset launched by the Fenerbahçe Sports Club,...

Polkadot News – Polkadot vs. CYBRO: Which Crypto Will Lead the Market in 2024?

CYBRO, with its AI-powered DeFi solutions and 1200% growth potential, is positioning...

2024 US Election Creates Uncertainty, Bitcoin ETFs Face Major Outflows

US Bitcoin ETFs saw a significant $541 million in outflows on November...