Amidst growing lobbying influence, a group of acclaimed tech experts has come together to warn about the growing impact of the cryptocurrency industry.
In a first such attempt to counter lobby, the technologists wrote to the US lawmakers terming cryptocurrencies as “risky, flawed, and unproven digital financial instruments.”by Financial Times, the 26 computer scientists and academics, including Harvard lecturer Bruce Schneier, former Microsoft engineer Miguel de Icaza and principal engineer at Google Cloud, Kelsey Hightower, criticized cryptocurrency investments and blockchain technology.
In the letter addressed to Senate Majority Leader Charles Schumer , Minority Leader Mitch McConnell , Senators Patrick Toomey , and Ron Wyden , the critics attempted to discourage regulators from backing the efforts of pro-crypto lobbyists.“The claims that the blockchain advocates make are not true. It’s not secure, it’s not decentralized. Any system where you forget your password and you lose your life savings is not a safe system.
“We’re counter-lobbying, that’s what this letter is about. The crypto industry has its people, they say what they want to the politicians.”, spending on crypto lobbying has quadrupled from 2018 to 2021, from $2.2 million to $9 million. The number of lobbyists representing the interest of the sector also climbed to 320 from 115 during the same period.
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