Conference Highlights:

• Aptos CEO Emphasizes: Tokens are the Core of Blockchain Infrastructure Operation

• Clear Regulation is Key for the United States to Maintain Innovation and Retain Developers

• Aptos has been Implemented in Multiple Real-World Scenarios such as Payment, Identity, Finance, and Entertainment

• Blockchain Can be Used in Remote Areas to Achieve "Offline Interaction, Online Chaining" Payment Experience

On June 5th, Aptos CEO Avery Ching appeared at a U.S. Congressional hearing and testified on the major topic "The Future of U.S. Innovation and Digital Assets: From Blueprint to Functional Framework", calling for a clearer regulatory framework for the digital asset market.

Avery's speech was highly informative and easy to understand. Web3 investors and developers are strongly recommended to watch the complete replay: https://www.youtube.com/live/14UhCiMTn0Q?si=OIELerblod4xlFzM

To help everyone quickly grasp the key points, Movemaker has compiled the main content of Avery's opening statement and Q&A session, excerpted below (content has been lightly edited and condensed, preserving core perspectives).

Core Argument: APT is the Financial Infrastructure of the Next-Generation Digital Economy

Distinguished committee members, thank you for the opportunity to testify. My name is Avery Ching, and I am the co-founder and CEO of Aptos Labs. Aptos Labs is the R&D team behind the Aptos blockchain, headquartered in the United States, and we are proud to contribute to American innovation and job creation.

Regarding APT, APT is the native token of Aptos, which can be used to pay transaction fees, can be staked to ensure network security, and can be used for governance functions.

II. Financial Reach in Remote Areas

Q: What impact does the bill have on financial literacy in remote areas?

We are working very hard to support innovation, such asenabling blockchain to be used without the internet.

So, you can imagine a world where even without the internet, you can conduct transactions in the same way and ultimately complete these transactions on the blockchain at a future point when you have internet access.

Therefore, regulation is very helpful in bringing this innovation into the United States.

Many projects we have collaborated with in the past, including our own, found it difficult to understand the chaotic rules and regulations, spent a lot of time and resources trying to understand them, and were ultimately forced to issue tokens under great uncertainty.

Other projects even lack the resources we have, and they have had to struggle to move outside the United States or find other ways to address this challenge.

In summary, clarity will be very helpful for innovation in the United States.

Q: How to ensure the accessibility of digital assets? Especially in remote rural areas with limited network and financial knowledge, like Hawaii

I believe education is an important part of this. Last year, I attended the first Hawaii Blockchain Summit and have been exploring discussions on the island about license tokenization and using blockchain technology to support different types of value exchange.

However, I also agree with your concern that the lack of broadband access makes it difficult for many people in Hawaii to experience and benefit from this technology.

Earlier, I mentioned that blockchain is undergoing a transformation, and perhaps you can still interact without internet access, and then confirm these transactions on the blockchain when the user has internet.

Therefore, Aptos Labs is exploring these technologies from its own perspective to ensure that this can truly be achieved in the future.

III. User Privacy Protection

Q: How do you address privacy for US citizens?

Today, most blockchains support very transparent operations, which means any transaction that occurs will be completely accessible, and everyone can see it. But this also means thatyou know these transactions cannot be changed, revoked, or rolled back.

At the same time, we are very accustomed to privacy when buying coffee or sandwiches. Additional blockchain features are being built, and Aptos Labs and other companies are exploring or already have prototypes that will support user privacy while complying with regulatory requirements.

So I believe wecan have the benefits of transparency and also enjoy the benefits of privacy, while complying with regulatory requirements.

IV. Relationship between Blockchain and Agriculture

Q: As everyone jokes, what is the relationship between Crypto and agriculture? Why is Crypto so critical to the future of agriculture?

The payment infrastructure on the blockchain is more efficient than traditional payment methods, where you can remit globally for a fee of 0.01 cents and settle within a second.

It is not limited to one field or another. I think it is crucial for anyone running a business or farm to be able to support this technology and build programmable applications.

It's not just about payments, there can be other use cases, and you can also have multiple accounts simultaneously, combining these ideas will be very useful for running a business.

V. FTX Incident and US Developer Relationships

Q: How do you view the FTX bankruptcy?

I think the lack of clarity in regulation indeed led to the FTX bankruptcy.

Q: How can clear legislation ensure that the developer community stays in the United States?

As an entrepreneur, I can say that launching tokens in the United States is difficult. In 2022, we encountered many challenges and uncertainties when launching our own token.

We already know that the internet has produced many great innovations in the United States, from Netflix to Facebook, to Amazon and Google, and so on. I would love to see the next iteration of innovation by entrepreneurs happening on Web3, and in the United States.

To achieve this, we must have clear regulatory provisions. The United States has millions of programmers who are going elsewhere and to other fields because Crypto today lacks clarity.

Conclusion

From financial technology to decentralized identity, from entertainment marketing to global payments, Aptos demonstrates the feasibility of blockchain technology in the real world. Avery's testimony in Congress is a microcosm of Aptos' builder perspective in promoting the "next generation internet". In the global race for the "next generation internet operating system", the Aptos CEO provides a coordinate system for developers and policymakers to build the future through a clear and rational voice.

About Movemaker

Movemaker is the first official community organization authorized by the Aptos Foundation, jointly initiated by Ankaa and BlockBooster, focusing on promoting the construction and development of the Aptos ecosystem in the Chinese-speaking region. As the official representative of Aptos in the Chinese-speaking area, Movemaker is committed to creating a diverse, open, and prosperous Aptos ecosystem by connecting developers, users, capital, and numerous ecosystem partners.

Disclaimer:

This article/blog is for reference only and represents the author's personal views, not the position of Movemaker. This article does not intend to provide: (i) investment advice or recommendations; (ii) an offer or solicitation to buy, sell, or hold digital assets; or (iii) financial, accounting, legal, or tax advice. Holding digital assets, including stablecoins and Non-Fungible Tokens, is extremely risky with high price volatility and may become worthless. You should carefully consider whether trading or holding digital assets is suitable for your financial situation. For specific questions, please consult your legal, tax, or investment advisor. The information provided in this article (including market data and statistics, if any) is for general reference only. Reasonable care has been taken in writing these data and charts, but no responsibility is accepted for any factual errors or omissions.