American scientists urged the government to resist the crypto lobby

Posted 01 June, 2022

A group of scientists and computer scientists have joined forces in an attempt to counter the lobbying of cryptocurrencies, according to the Financial Times. They signed a letter criticizing the blockchain and sent it to US lawmakers in Washington.

Blockchain proponents' claims are not true, according to Harvard professor Bruce Schneier, who signed the letter. He stated that systems, where you can lose your savings by forgetting your password, are insecure and not really decentralized.

The letter is an attempt to counter lobbying, according to software developer Steven Deal. He also put his signature under the appeal to the government. According to him, supporters of cryptocurrencies tell politicians only what is beneficial to them.

In the letter, the signatories argue that crypto systems are risky digital financial instruments with unproven security. Scholars are trying to dissuade regulators from supporting crypto lobbyists' efforts to create a "regulatory safe haven" for cryptocurrencies.

Efforts to crack down on crypto lobbying have come amid a rise in crypto proponents in powerful circles. The budget spent on crypto lobbying has grown from $2.2 million in 2018 to $9 million in 2021, according to a report by Public Citizen (a non-profit consumer advocacy organization).

Among the lobbyists of the crypto industry are former officials from the Commodity Futures Trading Commission, the Securities and Exchange Commission, and the Treasury Department, as well as current senators and senior members of Congress.

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