A full committee hearing entitled “Exploring the Cryptocurrency and blockchain Ecosystem” is set to be held by the U.S. Senate Committee on Banking, Housing, and Urban Affairs.
The two witnesses currently scheduled at the upcoming hearing are Coin Center Director of Research Peter Van Valkenburgh, and New York University Professor Nouriel Roubini.
New York University’s Stern School of Business professor, Nouriel Roubini is renowned for his gloomy economic outlook and has been often unfairly panned for it. He is well known for his adverse attitude towards blockchain and cryptocurrencies. He acquired the name “Dr. Doom” when in 2006 he made an address to the IMF in which he predicted that, among other things, the US economy was at risk of a housing bust and deep recession that would have dire consequences for the rest of the world and was roundly ridiculed for it.
Dr. Doom added to his doubt about the virtual currency in May by mentioning that “there is no decentralization, it’s just bulls–t” at the yearly Milken Institute conference.
He also launched an assault on blockchain technology, referring it to nothing more than a “glorified Excel spreadsheet.” Roubini remained steadfast in his beliefs even after being challenged by other members of a cryptocurrency panel during the conference.
In June this year, he Tweeted:
"Smart Contracts" are neither smart nor contracts: they are extremely buggy -100 bugs per 1000 lines of code – & they are not contracts as no court can enforce them. The only courts in crypto land are the crypto developers' kangaroo courts who randomly decide when to fork or not https://t.co/ZS48y5ZQMu
— Nouriel Roubini (@Nouriel) June 1, 2018
Notably, in February, SEC chairman Jay Clayton along with U.S. Commodity Futures Trading Commission Chairman J. Christopher Giancarlo had testified before the committee. Speaking before the committee Clayton had indicated the need for additional crypto related regulations down the road.