The United States can benefit from blockchain technology if regulators adopt its “transparency, speed and programmability,” said the co-chain channel channel and CEO.
Speaking during the committee’s audience, “from Wall Street to Web3: Digital Markets Digital Asset Building”, Levin declared that this type of regulation would improve both market integrity and innovation, according to the prepared remarks presented to the Pymnts by Chain Analysis, which is a blockchain data company that helps companies and public sector agencies to fight a unhappiness.
“All forms of value will be transferred using this technology,” said Levin about blockchains. “We are here to prevent abuses and pave the way for all people, businesses and governments to take advantage of them.”
A political framework should recognize that blockchain introduces a fundamentally new model for financial surveillance and that system surveillance should be built on information accessible to the public, said Levin.
“Taking into account different types of activity and risks should first use all the information available on the operation of these mechanisms and relative transparency and the risks associated with these mechanisms,” he said in his prepared remarks.
In addition, government agencies must be equipped to combat different types of risks, understand the risks and attenuations concerning intelligent contracts and decentralized infrastructure, take advantage of the transparency of the blockchain and the data available in real time and the design regimes for all institutions, said Levin.
“Government agencies with good mandates and focus on public-private partnerships will lead to the type of financial market infrastructure that all market players are looking for,” he said.
Levin also told the Committee that blockchain improved the ability to act quickly against illicit players by following money, freezing assets and entering them. He underlined a case in which Crypto Exchange OKX, Stablecoin Issue Tether and the United States Secret Services collaborated to freeze and grasp $ 225 million in illicit active active.
“The traceability and programmability of these assets are a key advantage to act quickly against illicit actors,” said Levin.
The audience in the Senate for which Levin prepared these remarks was focused on blockchain technology and digital assets, and the development of a framework that would bring clarity to innovators and investor protections, said the president of the Senate banks committee, Tim Scott (RS.C.) in his opening declaration.
