Professor of the University of California: The cryptocurrency can take over the failure of public institutions, and Congress should actively promote financial inclusion.

According to CoinDesk, the US Senate Banking Committee will hold a hearing today on “Reviewing the regulatory framework for digital currencies and blockchains”. In the pre-prepared testimony, witnesses from the University of California Law Professor Mehrsa Baradaran focused more on the financial system and its impact on non-bank accounts and non-bank user layers. She wonders if citizens or companies are developing cryptocurrencies to solve these problems is the best course of action. It believes that there are problems such as inequality in the US banking system, which must be solved through democratic means, and cryptocurrencies can take over where public institutions fail. While Congress should be aware of criticism of the encryption industry, Baradaran concludes that Congress should take action to “promote financial inclusion.”