US Hearing | Members: Do not doubt the potential of the blockchain, just think that it will not provide banking services for low-income communities

Babbitt News, at 2 pm Beijing time on July 30, the US Senate Banking Committee held a hearing to discuss current and potential regulation of the cryptocurrency and blockchain industries. US Senator Brian Schatz from Hawaii asked after the general financial inequality, whether we are close to democratizing the use of technology products. Schatz said: "In my opinion, the technicians want to wave their wands and skip a series of steps to avoid the political problems that must be dealt with in the service of people." Schatz keeps saying that not everyone has a smartphone, so It's hard to bet on this technology (blockchain) to solve all our problems and “skip all existing problems”. Allaire countered that technological innovation may be slow and analogous to the beginning of the Internet. Schatz said: "I don't doubt the potential of this technology. I just think it will not provide banking services for low-income communities. I don't think you have persuaded anyone here to believe that it will do this."