Sen. Crapo Says Congress Must Address Cryptocurrency Regulation

The hearing discussed trust issues with Facebook's data use and the potential of cryptocurrency technology. It explored the need for a regulatory framework to manage data and privacy, comparing the US sectoral approach with Europe's GDPR. Concerns about financial risks from emerging technologies were addressed, emphasizing the need for built-in protections similar to those in the existing financial system.

What is one of the main reasons for the loss of trust in Facebook?

• Poor user interface

• Its involvement in cryptocurrency

• Lack of innovation

• Data misuse over the years

What is the primary focus of the second section regarding cryptocurrency?

• The financial benefits of cryptocurrency

• The technological advancements in blockchain

• The regulatory challenges and frameworks

• The environmental impact of cryptocurrency

How does the United States currently approach regulatory structures?

• With a unified rule for all sectors

• With a focus on environmental impact

• With a sectoral structure

• With no regulations

What concern is raised about new technologies like cryptocurrency?

• They are not innovative enough

• They are too complex for the average user

• They could cause a financial collapse similar to 2008

• They might lead to environmental degradation

What is emphasized as necessary for new developments in cryptocurrency?

• Increased marketing efforts

• Complete deregulation

• Focus on user experience

• Built-in regulated protections