Monday, July 4

Cryptocurrency and Big Tech Debate Merge At Hearing On Decentralization Of Digital Ecosystem By CoinTelegraph

© Reuters. Cryptocurrency and Big Tech Debate Combine Hearing on Decentralization of Digital Ecosystem

Blaine Luetkemeyer, House Representative from Missouri, took up the issue of large companies exerting control over vast swaths of the internet, something that raised concerns about the invasion of the cryptocurrency space.

At a hearing on digital assets held Wednesday at the House Financial Services Committee, Luetkemeyer addressed Bitfury CEO and former Comptroller of the Currency Brian Brooks to say that major tech companies such as Instagram, Facebook (NASDAQ 🙂 (now Meta) and Twitter (NYSE :), “control people on their platforms.” Luetkemeyer wondered if this level of control could extend to undue influence for the deployment of a digital dollar.

  • The Bank for International Settlements describes the rise of decentralized finance as an “illusion” in its latest quarterly report

“The goal of cryptocurrencies is to have true decentralization,” Brooks said. “The projects that succeed will be those that achieve it. It was successful because there were literally millions of participants in the node network, and so there is no Twitter CEO to close your account, there is no JPMorgan (NYSE 🙂 CEO who I took your credit card. “

Read the full article on Cointelegraph

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