Wu Tong and Wang Long: Cryptocurrency Conversion Tips - Top 10 Questions From The U.S. House Of Representatives Hearings On Crypto Finance

At 11:00 p.m. Beijing time on December 8, the Home Financial Services Committee held a meeting on "The Future of Resources and Finances: Understanding the Challenges, Challenges, and Benefits of US Currency Exchange" at Capitol .It is the most active, structured, and democratic Republican cryptocurrency financing convention held in the United States House of Representatives in American history.The public hearing lasted around five hours, and the scope of the issues addressed in the meeting, the depth of the issues and the speed at which they were agreed upon exceeded the highest expectations.This means that the key points in the USA have been reached quickly, the recognition, and despite the growth of crypto finance, the changes in the history of crypto, which can change the history of the internet world and the financial markets. .. As a community that predicts the future of humanity, we almost inevitably engage with it, so we must take advantage of it and respond carefully to the many events that may arise from it. However, I am worried because the fact is that the family interest in this matter is not enough.

On this basis, 10 major issues which could be the most important issues of this public hearing have been selected and expanded so that everyone can discuss and debate them. The top 10 issues are:First off, who are the cryptocurrency financial industry representatives attending this hearing? Second, what is Web3.0 and what is the future of Web3.0 on the Internet? Third, what is the relationship between a stable coin and a US dollar? Will it stabilize or weaken the hegemony of the US dollar? Fourth, will crypto finance replace existing financial institutions represented by businesses? Fifth, why do other countries appear so often to this audience? Sixth, will crypto finance support the development of financial inclusion? Seventh, what's wrong with the current US Securities and Exchange Commission (SEC) regulation? Eighth, will there be 'tight mantra' efforts to limit the growth of crypto finance? Ninth, the meta-world is not mentioned directly in this case, but why is the meta-world so full of breath? Tenth, what is not being considered in this cryptocurrency financial audience?

The first question is: who are the representatives of the cryptocurrency financial industry participating in this hearing?

In any industry, the leader of that industry is an important factor that cannot be overlooked. Representatives from the crypto industry attended the event, which included Circle Joint Creation and CEO Jeremy Allaire, FTX Founder and CEO Samuel Bankman-Fried (SBF), Bitfury Group CEO Brian P. Brooks and the co-founder of Paxos and CEO Charles Cascarilla (video access). , Stellar CEO Denelle Dixon and Coinbase Inc. CEO, Coinbase Global Inc. CFO Alésia Jeanne Haa. The first thing to keep in mind is that despite the high level of cryptocurrency awareness in the United States, it's hard to say that the cryptocurrency market remains mature. They are not happy with the value of cryptocurrency like Buffett as we know it. Six representatives of the cryptocurrency industry participated in this hearing with similar characteristics. Not only are they leaders in the cryptocurrency financial industry, but they are also having a bigger impact in traditional and online finance. It would be better to act as a liaison between the crypto financial industry and US regulators.

Circle is a subsidiary of USDC, is one of the largest financial institutions in the world, and is one of the largest licensed cryptocurrencies in the world, and currently holds licensed payments in the United States (per example BitLicense, New York) and United States. countries and the European Union. USDC has undergone exceptional oversight and compliance, and has been swift and competitive for the throne of the world's first stable business.

SBF was the only industry leader after the 90s in the crypto-financial industry compared to the founder of Ethereum-Vitalik Buterin, and is now the founder of the 5th largest SOL cryptocurrency, along with the world. # 1 crypto asset exchange. .FTX. FTX and Binance have created “three new” cryptocurrency exchange assets, discovered by Changpeng Zhao, “China's richest man,” and Coinbase, which is also listed on the US Stock Exchange. SBF is also a major global player, driving the growth of open source (Defi). After graduation, SBF also moved to Jane Street, a well-known trading firm, which adds to her experience on Wall Street and shows that she is well versed in business ventures in the industry. Financial trading is still available. He graduated from the Massachusetts Institute of Technology (MIT) and his parents are lawyers at Stanford University.In October 2021, "Forbes" listed the 400 richest people in the United States, and SBF, who has 29 this year, was ranked 32nd with a net worth of $ 22.5 billion, making it the richest person in the world. the world of under 30s.SBF is also essential for fostering relationships, for example, securing the naming rights for the NBA Miami Heat team, renaming the Home American Airlines Arena to FTX Arena, and inviting NBA superstar Curry as ambassadors for fast SBF right. . Popular in the American community. Compared to Vitalik, the industry leader after the 90s, SBF knows the industry and people better, and more importantly, Wall Street is behind.

Brian Brooks, who has been around for a long time and is more involved in the traditional financial system in the United States, joined the Office of the Superintendent of Finance (OCC) in May 2020 and resigned in January 2021. The OCC is the headquarters of the Department of the US Treasury, which oversees the National Bank of the United States with great power. to Bryan BrooksThe OCC released relevant information and said that US companies can provide cryptocurrency monitoring services and support stable payments., this move will make it easier for modern financial firms to enter the cryptocurrency space and provide a bridge between traditional U.S. currency and cryptocurrency.On November 23, 2021, the Federal Reserve, Federal Insurance Corporation (FDIC) and OCC issued a joint statement regulating the US banking regulator's Policy Sprint for crypto-asset related activities. . , and describes the future governance that affects the economy.The importance of this statement is incredible in China. In April 2021, Brian Brooks became CEO of Binance.US, acknowledging the shift from real power to treasure to president (in fact, Binance is not a business. Wisdom in thought still exists). However, Brian Brooks quickly left Binance and later became CEO of Bitfury Group. The BitFury Group was established in Russia in 2011 and was the first Bitcoin ASIC miner chip R&D group, but has now grown into a blockchain information service and support industry.

PAX is also the world's first financially stable currency and, along with the Gemini Dollar (GUSD), the first two financial instruments to be approved by the New York Department of Financial Services (NYDFS). Charles Cascarilla, CEO of PAX, is also familiar with crypto finance and traditional American finance.

Stellar is an open source exchange rate platform and fair forum used to create cryptocurrency and fiat currency exchanges. In recent years, Stellar has achieved rapid integration with traditional financial and national powers, allowing users to become USDC players in the Stellar blockchain, whose German real estate Vonovia is worth 20 million euros on the Stellar blockchain. , and governments such as Ukraine have chosen the Stellar Blockchain Network as a platform for the development of digital fund banking (CBDC). Stellar has risen again as a bridge between traditional currencies and the cryptocurrency markets.

Coinbase was the first and now the only cryptocurrency exchange listed on the US market. As a major company comprising of crypto and financial institutions, its importance lies in the true identity. Coinbase's successful listing on the Nasdaq in April of this year not only took the crypto financial industry to the highest level, but also laid a solid foundation for the reputation of crypto finance in the United States. According to Gray Data for December 2021, Bitcoin holdings in the United States now represent 26% of the total population, with Coinbase supporting a lot.

Unlike the leaders of the early crypto-financial industry, who were young and did not achieve fame in the elite or given by the marginal affairs of human beings, it can be seen that they were involved in the crypto industry. financial steadily. struggle. Representatives from the companies who attended the US House of Representatives crypto finance hearings were recognized throughout the community and had a significant impact on the crypto financial industry, but also recognized and respected. community is important despite the rules. It also has many roots. This not only reflects the attractiveness of the US cryptocurrency market, but also contributes to the impact of some African elites, indicating the increasing growth of the US cryptocurrency financial industry. The importance of industry leaders has made it important for African Americans not to view the crypto financial industry as destructive and a Ponzi scheme, thus laying a solid foundation for discussing crypto finance to improve. the quality.

Second, what is Web3.0 and what is the future of Web3.0 on the Internet?

"Web 3.0" is a common term occurring in cryptocurrency litigation in the United States House of Representatives, and it is also an issue that almost always needs to be addressed in a variety of educational and academic disciplines. MBA course two months ago. , Web3.0 and the metauniverse are important supports for each other. This idea came from Weicao Zhiku and my research on Netease Finance."The internet is so fast we need a meta world"has been sufficiently discussed in the conferences of so-called "Web3.0" refers to the third generation Internet, and Web1.0 and Web2.0 correspond to Web3.0. One of the great features of Web1.0 is that they are static pages, typically showing minimal data (read-only) and low cost (submissions only). Its key performance is that most data can be read and written, and the results are limited to sending and receiving. A special feature of Web3.0 is the freedom of the user. Normally, all data can be read and written, all data can be sent and received, and it's like a combination of bit rate and data stream. Web 2.0 belongs to the old age of Internet giants like Facebook, Microsoft, Ali, Tencent, and ByteDance. Market protection is therefore necessary in the digital industry. Web 3.0 is a new era for all users and all communities. humanity. . In Web3.0, all users have to do is revoke all user rights. It's usually in the Web2.0 phase right now, but I've seen Web3.0's door on its toes. Web3.0 is also the only way to mix real data in a product.In Web3.0, data is not only the heart of product development, but also the main heart of product development. Next year.Figure 1 shows the evolution of humanity from Web1.0 to Web3.0.

Figure 1. History of evolution from Web1.0 to Web3.0

Speaking at this cryptocurrency conference, Republican US Congressman Patrick McHenry said, "Even though the technology in the cryptocurrency market has been regulated, the existing regulatory process is clumsy," he said. declared.We need the necessary rules and we don't want lawmakers who forget to care about the fear of strangers. Concern for fear of the unknown only stifles America's ability to innovate and makes us vulnerable to competition. How can we make the Web3.0 revolution happen in America?Brian Brooks then explained what Web3.0 is and said that Web3.0 is the future of the Internet. national debate on decentralized technology. Web3 recognizes that it can solve a wide variety of issues, including remittances and finances. "

It's no surprise that the fact that congressional insiders have increased the importance of cryptocurrencies on the internet indicates their ability to learn faster. Just as it was surprising that the dawn of Web3.0 was happening, Congress caught our attention, confirming that the Web3.0 revolution has taken place in the United States. Finally, the great value of Web3.0 will change the face of the Internet and redefine its conception. Many large companies have emerged in the era of Web2.0 which is also the main basis for being in the top 2 in the world in the era of Web2.0. The importance for our country of embracing the Web 2.0 era must continue into the Web 3.0 era, and our information advantage, expertise and wealth formed the basis for continuation. Of course, we are also facing serious problems. The war on Web3.0 will determine whether we can move from country big data to hard data, and whether we can be aware of top notch designs that include information in the product. A good awakening means a lot of things.

Third, what is the relationship between a stable coin and a US dollar? Will it stabilize or weaken the hegemony of the US dollar?

The administration and control of stable coins is also one of the key points in this case.Stable results: standard operating procedures, real performance, high risk content"A separate hearing will be held on the topic. Tightening in the value of crypto finance does not provide investors with a stable and profitable trading environment. Long-term improvement in crypto finance.)) Cannot be used directly for the operation of the way to encrypt the financial devices due to inconsistencies (the function of the value of hours can be used) With the token model pegging the main fiat currency to improve the function of its release value. And circulation medium, this type of token is called "return" stable ".In November 2021, the capital investment stable exceeded $ 150 billion and its 24-hour assets exceeded $ 84 billion, becoming a major player in the financial services industry globally.There are two main ways to get money: a fixed price via a contract and a fixed price via an algorithmic design.

In order to get a safe bet from the product, there are generally two types: the off-chain mortgage and the chain mortgage. Off-chain mortgage means the assets are not on the blockchain, usually bank deposits, government bonds, corporate bonds, etc. The representations are USDT, USDC, PAX, etc. This type of operation is similar to trading with a deposit. Percentage of 100% performance in the business model. Among them, USDT and PAX leaders attended the hearing and speakers, and members of the US House of Representatives complained that USDT spokesperson Tether had failed. sent no one to the hearing.

Chained mortgage means putting the assets on the chain, and the mortgage assets are usually ETH, WBTC, SOL, etc. which has the advantage that users can inspect personal property from time to time. above, and the representative material is Dai. Hanging on to success is not only success in itself, but also a testament to the importance of Open Funding (Defi) (for more information see the CSSCI document) Quality, Limitations and Benefits of Blockchain-Based Open Source ”(published in February .2020). Measures "),Defi's record-breaking close in 2021 stands at $ 300 billion, and it will only be worth hundreds of millions in 2020..Cassie Wood, nicknamed "the queen of the bulls" and "the woman Buffett", says bluntly, "Defy is retiring from the bank".

The rise of algorithmic stability coins is one of the biggest events in the crypto financial industry in 2021. In 2019, the United States Securities and Exchange Commission (SEC) also defined algorithmic stability coins as scams. Ponzi scheme due to the model's immaturity, but in 2021 the growth and development of algorithmic stability coins such as UST and FEI is once again proving to be a huge market. . Thoughts.It is preferable that stable algorithmic results are the endogenous results of the metacosm and are one of the most important links between the real world and the metacosmic (see the article "Metacosmic: The Function of Metacosmic Business Alone" for more details. ).

Now let's come back to this question. What is the relationship between a stable coin and the US dollar?Currently, over 90% of stablecoins choose the US dollar as their value proposition. The strength of the US dollar's financial hegemony.In 2019, the US online giants represented by Facebook also attempted to enter a financially stable market and then released the stable results Libra White Paper 1.0 and 2.0, which was renamed “Diem”. Regulators, this is an introduction to this problem. The impact is greater than the problem itself (see CSSCI "Economic Analysis of Facebook Cryptocurrency Libra: Background, Implications, Impacts and Challenges" published in November 2019). We presented in "Facebook Market Research on Cryptocurrency Libra: History, Consequences, Interventions and Challenges":Because the US dollar is a stable currency, the US government does not have to legalize digital currencies. Because marketing can be better.Meanwhile, the Stabilitycoin organization has received unusual "sweet loneliness" in the US House of Representatives, arguing that the US decision and protesters have formed a consensus to that end. Attempts have been made to use the renminbi in coastal areas as a fixed currency in our country Hong Kong, but failed for many reasons.The digital yuan's biggest competitor, which we will try soon, is not the digital dollar issued by the US government, but the stable value of money coming from businesses. On the other side (see my presentation for more details) CSSCI document "Theoretical foundations and working mechanism of legal digital currency" March 2020).

Fourth, will crypto financial transfers always be represented by commercial companies?

During this hearing, the companies repeated several times and became synonymous with "incompetence" and "regulatory authority". For example, Jeremy Allaire, CEO of Circle, says:Stablecoins faster than traditional businesses., I think it is important to give better. As another example, FTX Founder and CEO Samuel Bankman-Fried (SBF) said:The role of cryptocurrencies in providing financial services to individuals without a bank or without banking services presents a purpose created by distribution. While cross-border remittances are always slow and expensive, cryptocurrencies can provide faster, cheaper, and fairer remittances by integrating under-banked funds services to individuals.. As another example, BitfuryGroup CEO Brian P. Brooks told Congressman Bryan Steil:Requirements such as a minimum limit and monthly payment make personal bank deposits insufficient, and term deposit providers do not have these rights."Brian P. Brooks was quoted by Congressman Ted Budd in response to concerns that this 'state nurse' (meaning the United States) is over-regulating cryptocurrency."The United States is unique in that its management system is decentralized. Rather than allowing a single regulator to oversee the entire economy, the United States wants to use existing regulators to enforce current cryptocurrency rules."

From the perspective of America's cryptocurrency financial leaders, banks are unprofitable, inclusive, unfair, and must change. Crypto-finance has suffered for a long time, but this is the first time that it has spoken directly, and knowledge of the entire US cryptocurrency industry is established. As the "queen of the bulls" Cathie Wood said in September 2021, "DeFi eliminates the banks". Of course, the crypto financial industry has focused on the US financial market as well as the global financial market. The temperament expressed by the representatives of the cryptocurrency market during this hearing is no longer the same as in the past.

Fifth, why do other countries appear so often to this audience?

For example, Brian P. Brooks, CEO of the Bitfury Group, commented on current US financial regulations: “If the US does not act quickly enough, the crypto companies will turn to another. The country with simpler regulations, also shorter than Bitcoin Spot ETFs. After being rejected by the SEC, the company changed its Bitcoin Spot ETF to Canada. Existing Bitcoin Spot ETF Products in Other Countries / Regions Fidelity Asset Management applied for a Bitcoin Spot ETF with the SEC in March 2021, but it is unlikely to receive approval in short. to medium, he therefore turned to the Toronto Stock Exchange, Canada. Following this decision, Fidelity became the largest company offering Bitcoin spot ETFs. Likewise, during the pending SEC approval session is in the future.In the past, the United States left the OCC a few months ago, it is hard to imagine what the administration said.

The SBF took a similar view, confused by the fact that the US SEC authorized the publication of Bitcoin futures ETFs but did not authorize the publication of the ETF site. As in 2019, the Libra organization has reaffirmed China's superiority in digital payments and is expected to relinquish US control. And this time, while we have some of the toughest regulators in the world, prominent figures from the crypto-financial industry have returned to visit deregulated countries like Canada and Australia to interview US regulators to provide rules. additional lenient. environment.It is the policy of the United States of America to govern its role as the basis of international innovation in the United States.,More specifically, it is about managing the affairs of financial institutions.Due to the nature of finance, crypto finance is a much better tool than traditional financial services. Unlimited world price, "7 * 24" time trading mechanism and any code-based data processing in the crypto financial system is the direction of finance. The influx of money and the status quo of this crypto-financial cycle suggests that it is still a 'school cow'. The hearing was friendly and comfortableThe absence of comments on the Bitcoin Spot ETF, indicating a positive change in the context of the attitude of American neighbors towards the financing of cryptocurrencies, indicates that it was only a matter of time before its release in the United States.

Sixth, will crypto-finance support improved financial inclusion?

SBF, founder of FTX, said at the hearing, “Crypto-finance can help solve many of the problems identified by Congress. The financial system is not always suitable for everyone, and the truly crypto financial system provides a way to solve these problems. Easier, cheaper, faster and more honest for people to do their jobs and manage their financial lives. "According to 2017 World Bank, the Financial Inclusion Index released by the World Bank in April 2018, although the level of the global financial system has increased, the gap between countries is still large, with 1.7 billion poor without money and the rich have it. There are still problems, with 19.52% of adults not having it. The global financial system is not functioning and technology has the potential to support the growth of the global financial system . In reality,All financial issues always have a reason for the existence of crypto-finance and an important basis for the legitimacy and legitimacy of the crypto-financial industry.. To give another example, banks around the world continue to pump water and more water to the rich, which has a greater impact on the rich and the poor. The Fed's current “tap” and the potential for rate hikes next year are equally negative for the slowdown. The development and functioning of modern financial and financial systems make the flow of water smooth, and the role of every bank in many countries is to control the voice of the people. In these contexts, counterfeiting of cryptocurrencies by the traditional financial industry and financial regulators will be viewed as a "precaution" to protect financial profits. . In fact, financial cryptocurrency appears to be a "negativity hedge" that could cause more and more unrest anytime it is criticized for making a bad value correction in the past.

Chainalysis, an encrypted data analysis project, developed the DeFi adopted by three metrics: the cost of acquiring chained cryptocurrencies weighed down by purchasing power parity (PPP), the cost of trading on chain links and packaging for peer-to-peer purchases. . Peer-to-peer exchanges (P2P) measure and measure 154 countries around the world from the second quarter of 2019 to the second quarter of 2021. The top 20 are:Vietnam, India, Pakistan, Ukraine, Kenya, Nigeria, Venezuela, USA, Togo, Argentina, Colombia, Thailand, China, Brazil, Philippines, South Africa, Ghana, Russia, Tanzania, Afghanistan. This information seems to be changing since the country started implementing its strictest monetary policy in the second half of 2021. Chainalysis analyzes various sub-indices and believes that creating a country with "financial abuse" and no giant technology no longer requires DeFi. Banks and security companies have not been redeveloped, and the lack of technology means it will be easier to upgrade DeFi without restricting "new monopolies." As Africa and South America show unprecedented interest in crypto-finance in 2021, there is no doubt that crypto-finance will be a viable option for the financial sector as well.

Seventh, what's wrong with the current US Securities and Exchange Commission (SEC) regulation?

Bitfury Group CEO Brian P. Brooks, former CEO of OCC, addressed the inconsistent nature of crypto financial oversight:? The SEC has ruled that some crypto assets may not be securely registered, which prohibits the registration and trading of assets on state exchanges. What is the point ? He said, “Cash ETFs have become a problem, that is, they are not published. In fact, SEC oversight is unsatisfactory for the world, but it is due to vague regulations and it has not been implemented. It has long caused a sensation in the financial cryptocurrency market.

The SEC's policy on crypto financial transactions essentially follows the utility token (UT) and security token (ST) "binary" of former SEC chairman Jay Clayton. Gary Gensler, the current chairman of the SEC, briefed on blockchain and cryptocurrency conferences at MIT before the transaction, and has given several talks on cryptocurrency financing. However, after Gary Gensler came to work, for the first time, he did not support institutional reform of the crypto-financial industry and remained within the Jay Clayton "dichotomy". One way seems to go into battle

Although we are looking at positions such as the leader of Defi Uniswap and the leader of civil society Terra, it is difficult to identify specific problems with these activities with a clear regulatory framework. All of this includes dissatisfaction with the SEC in the crypto-financial industry. Now, one of the key events announced during Gary Gensler's tenure is the launch of the Bitcoin Futures ETF. But now more and more voices in the crypto-financial market are asking why the SEC hasn't launched a Bitcoin spot ETF with greater value seeking efficiency. The SEC's response is that it "changes for ten thousand years" and that "there will be fraud and trade". Since then, the cryptocurrency market has proven itself and these concerns about the SEC have spread to the US stock market. Since the SEC considers ST to be a security industry standard, ST should also have the same status as industry security.

Indeed, some SEC voices have drawn up plans to support crypto financial management reforms. An important example is the “Token Safe Harbor Proposal” requested by SEC Director Hester Peirce. The donation has a useful life of three years. We recommend that you allow crypto startup projects to help fund operational improvements if conditions permit. Some of the requirements for complying with "Securities Act" violations include the need for disclosure numbers, online business support, token trading, network planning, and so on. exchange token sales and the importance of token sales. Deployed for six months until the end of three years of grace. You have to spin the card after the network has grown in three years of grace.

At this hearing, the cryptocurrency industry will reveal all the reasons for its grievance and dissatisfaction with the SEC, and the US House of Representatives did not speak immediately. Future regulatory framework for crypto-finance.

Eighth, will efforts be made to “write fast” to limit the growth of crypto-finance?

During this hearing, Congressman Rashida Tlaib raised the issue of mining energy prices in the crypto industry and explained how the mining industry has shifted from China to States such as Montana, which has coal-fired power plants. Crypto Assets Now Complex Computers calculates the demand for power. Rashida asked Stellar CEO Denelle Dixon if the U.S. government should play a key role in reducing energy and carbon emissions in the crypto industry. Stellar CEO Denelle Dixon said, “Not all crypto assets constitute proof of operational agreement (POW). Stellar is a proof of consent (POS) organization in Montana and Greenidge. Generation's mine in New York City is an example of a power plant that has been shut down. down and reused for crypto. "

The use of cryptocurrencies and crypto financial matters have been the subject of discussion around the world since 2019. By 2021, our country will include carbon monoxide and carbon monoxide in its design above, and even the strictest Bitcoin mining policy in history takes this into account. All in all, the issue of electronic and financial cryptography itself is a need to cover a lot. Which layers generate energy, for example by thermal, hydraulic or wind energy? Can it be used? Additionally, the use of electronic POW is only a classic among the stars of crypto finance, and many crypto operations, including Ethereum, have also started to move from POW to POS. Crypto-finance not only increases energy consumption, but also promotes the growth of cash flow in several ways. First, crypto-finance, including DeFi, accomplishes a wide range of financial tasks with minimal power consumption and high efficiency. Responsibility itself is important. Part of green finance. Second, the openness and transparency of DeFi and blockchain can increase cash flow and credit investment capital.

It should be noted that the Bitcoin hash price is perfect since our national Bitcoin mining limit in May 2021, and the 7-day moving average between December was above 179.5 Ehash / s.

According to "Reference News" published on the official website of the National Development and Reform Commission,The United States has overtaken China to become the largest Bitcoin miner, and Kazakhstan is the second.

Ninth, the meta-world is not mentioned directly in this case, but why is the meta-world so full of breath?

While the cryptocurrency audience doesn't speak directly to the meta-world, the peaks of the meta-universe are everywhere. As I said in a recent sermon: First, the foundation and soul of the meta-world isSustainability, openness thiab autonomy, this is the “way” of blockchain, and the key technology that uses the “way” of the meta-world is blockchain. You know you care about your research.Baptism, this is just the "tech" of the meta world. Second, the meta-world is not a free concept, and the meta-world and fairness are processes of context.Defi is the industry leader of the meta-world, Web3.0 is the network and information process of the meta-edge, NFT is an important indicator of the meta-edge and DAO is also the organization of the meta-universe. . Over the past few years, Defi, Web3.0, NFT and DAO have become important and have provided a solid basis for the development of Metaverse. Now is the time for the meta-worlds to click on the bubble. When the bubble passes, the meta-world will begin a new leap and new growth.

Web3.0 is an important part of this case. The concept of Defi enters the audience. These are an important part of the meta world. These audiences are therefore everywhere in the shadow of the meta world.

Tenth, what is not being considered in this cryptocurrency financial audience?

First, the location of this hearing is incredible. Whether it was the Facebook data breach lawsuit, the stable results of the Libra hearing, or the previous cryptocurrency hearing, the hearing was more serious and questionable. , but this time the audience was loose. It can be counted not only in the field of crypto-finance, but also in the field of full technology. This is due to the launch of the US Bitcoin Futures ETF, where US state-owned companies hold a lot of cryptocurrencies, the share of cryptocurrencies in the US population has reached 26%, and money like ARK is also high in GBTC. . . Elsewhere, this shows that he has a job. .This means that crypto finance has won the trust of the mainstream American community, and this audience is a great presentation of the many changes that have taken place as a result of the big and positive changes. .. what else,Compared to the strict supervision of the banking and securities industry, crypto-finance has acquired a “sympathetic” status in the American community.Matt Homer, former deputy director of the New York City Department of Financial Services, said at the hearing, "In addition, the Home Financial Services Committee has expressed some regret over the" loss. high of Coinbase, "but the problem remains in the details. The SEC and its regulatory sister, US Commodity Futures, are still debating their role in the cryptocurrency market. The US Federal Reserve market has taken a closer look. in-depth market advantages for cryptocurrencies.

Second, the resolution reached by Democrats and Republicans at this hearing was not taken into account.

Historically, Democrats in the US Congress have been more pro-cryptocurrency than Republicans. Another Democratic Congressman Sherman once said, “In fact, crypto advocates are the strength of our community. " This theme. Rep. Jake Auchinclos said the use of "surveillance" would be unfair to crypto firms that need to be moved by multiple regulators and would be willing to work with Republicans and Democrats to resolve these issues. In his view, collaboration between executives of large companies and stand-alone companies to resolve issues such as storage and security standards could be beneficial for the market. In summary,

Several members of the US House of Representatives financial services committee have announced that they will enact legislation to improve financial governance of cryptocurrencies and stimulate the economy. Congressman Jake Auchincloss concludes that "Web3.0 policy can come from two parties (the US Democrats and Republicans).

concludes

The panel discussion “The Future of Resources and Finance: Understanding the Challenges and Benefits of Financial Transformation in the United States” lasted five hours. The potential to reach a deal has been higher than most people's benchmarks, the most active, constructive, and most democratic and Republican crypto-financial debates in the United States. the story. This means that the key theme in the United States has been the rapid realization of the recognition, recognition and even the development of cryptocurrency, the changes in the history of crypto, which can change the history of the world. Internet and financial markets. . Some countries and regions, including Native Americans, have expressed concern about this, but home satisfaction is not.While we adhere to the strictest crypto regulations, we also need to know how other countries and regions around the world view this situation and what changes are happening in the application. This will help us plan ahead for the many events that will ensue, as we are almost inevitably involved as a community that shares the future of humanity.

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