Congress, Far From ‘a Series of Tubes,’ Is Still Nowhere Near Reining In Tech – The New York Times

WASHINGTON — It’s now a rite of passage. Executives of the hottest technology companies fly, or more recently Zoom, from Silicon Valley to Washington, usually swapping their tech-casual for something more buttoned-up. They take oaths, explain their mission to better the world, and defend their businesses under the glare of TV cameras.

Wednesday was a double feature. In the morning, six crypto executives testified before a House committee. In the afternoon, Adam Mosseri, the head of Instagram, faced a Senate subcommittee.

The ritual itself was familiar, but it represented a mammoth leap forward: No one went viral after.

That’s because the hearings didn’t devolve into theater, as past hearings with tech C.E.O.s have tended to. There were no embarrassing gaffes comparable to one senator’s description in 2006 of the internet as a “series of tubes.”

Lawmakers on the House Financial Services Committee focused on whether the fast-changing markets for digital currencies deserved more…

Read Full Story: https://www.nytimes.com/2021/12/11/business/congress-tech-regulation.html

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