Tech experts ask US lawmakers to resist growing crypto lobbying efforts
The crypto industry has come under the radar of people from almost every industry, and most financial regulators around the world are looking to regulate the industry. In the light of growing crypto lobbying efforts, a group of 26 acclaimed tech experts and computer scientists wrote a letter to lawmakers in Washington to resist these efforts.
Tech experts warn Washington lawmakers
According to a report from Financial Times, the 26 computer scientists and tech experts, including Harvard lecturer Bruce Schneier, former Microsoft engineer Miguel de Icaza and principal engineer at Google Cloud Kelsey Hightower, wrote a signed letter delivered to US lawmakers heavily criticizing crypto investments and blockchain.“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,” Schneier said.Additionally, the tech experts have asked Washington to resist the pressure from digital asset industry financiers, lobbyists, and advocates who aim to create a safe haven for digital assets. The experts warned them from supporting the growing efforts of crypto advocates in the letter, which was addressed to Senate Majority Leader Charles Schumer (D-NY), Minority Leader Mitch McConnell (R-KY), and Senators Patrick Toomey (R-PA), and Ron Wyden (D-OR).
One of the people who signed the letter, Stephen Diehl, who is also a software developer, confirmed their counter-lobbying efforts:
“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.”
A surge in crypto lobbying
According to a report from Public Citizen, which analyzed federal disclosures, the amount spent on crypto lobbying has increased by four times between 2018 to 2021, while the number of lobbyists has surged from 115 in 2018 to 320 in 2021. The firms which spent the most money on the same include Coinbase, Ripple Labs, and Blockchain Association which spent a total of $2 million on lobbying between 2018 and 2021.100% Success Money Back Guarantee
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