Vivek Raman previously worked on Wall Street for many years, specializing in credit trading, and now founded the company Etherealize. He went to the US Congress to testify, in simple terms, to educate lawmakers on "what exactly Ethereum is and why the US should quickly establish clear rules for it (and the entire cryptocurrency). Below is a breakdown of his testimony: From the perspective of Wall Street, we can see what Ethereum really is: The current financial system is too old, like the Stone Age Transferring funds takes several days, while settling for buying stocks takes several weeks; Billions of dollars worth of transactions still rely on paper, fax, and manual Excel to run; He used to work at big banks such as Morgan Stanley and UBS, and he could see too clearly: American financial cows are cows, but the backend technology is extremely backward. 2. Ethereum is the artifact of the "one-time major upgrade" It can turn money into "programmable dollars": it can be credited in seconds without waiting for the bank to slowly clear it; A global public ledger that all regulatory agencies can access in real-time without waiting for reports; Anyone (regardless of which country you are in) can use it, not limited to Wall Street tycoons; Currently, there are 140 billion US dollars of stablecoins (such as USDT and USDC), 10 billion US dollars of real assets (such as real estate and bonds becoming encrypted tokens), and a large number of institutional level applications running on it. Even super large institutions such as BlackRock, Fidelity, and UBS are building things on it. Why is Ethereum so awesome? Because it is super 'decentralized' • Just like the Internet: no one really "owns" it, and everyone can use it; More than one million verification nodes (computers) are scattered around the world, supervising each other, and no one can shut it down or block it; For large institutions, this is equivalent to: super security, super risk resistance, and no need to worry about losing money if a bank collapses (there is no single counterparty risk). The biggest problem in the United States now is that the rules are too vague In the past few years, the US government has been using a "catch people first, then convict" approach to regulate encryption, which has made everyone tremble and many innovations have gone abroad; The proportion of core blockchain developers in the United States has dropped from 42% in 2017 to 26% in 2023; He called for the swift passage of the Clarity Act: Clearly define what encrypted assets are (such as which are considered securities and which are not); Distinguish the jurisdiction between SEC (securities) and CFTC (commodities); Protect consumers from fraud, but don't strangle good things. Once approved, he said that American innovation can explode 100 times, leaving jobs, taxes, and leadership positions in the United States. 5. He gave a down-to-earth example: Paying a salary can be credited in seconds Currently, employees receive their salaries: company → bank → payroll company → your account, for several days; Using Ethereum: You can receive money automatically in just one second without intermediaries or delays; Super friendly to the moonlight tribe and gig economy, money can be spent immediately. Summarize his attitude throughout the speech in one sentence: The US finance needs to upgrade, and Ethereum is the best ready-made tool! Don't hesitate anymore, quickly establish clear rules, let innovation stay in the US, and don't let opportunities run to other countries Finally, he also adopted a personal statement: he said that he himself comes from an immigrant family and that his parents came to the United States for opportunities, and he also wants to do this big thing in the United States. Simply put, he is helping Ethereum "get its name right" in Congress - this is not a gambling game, but a future financial infrastructure that the United States should not miss out on. With a small sigh, when it comes to how to extract the value of Ethereum, people on Wall Street never disappoint.