Last week’s Senate hearing on cryptocurrency and blockchain highlighted many of the known issues in the sector. Economist Nouriel Roubini said, “crypto is the mother and father of all scams and bubbles”. But during the hearings, two key issues were omitted. While CoinCenter Lobbyist Peter van Valkenburgh welcomed institutional investment in the sector, there was no discussion about the specific risks of this trend.
Secondly, Roubini pointed to the centralization of public blockchains. But enterprise blockchains also present risks related to the concentration of business data on single blockchain platforms.
The hearings
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