Tech Experts Lobby Washington Criticizing Crypto, Blockchain

A group of tech experts and academics wrote to U.S. lawmakers criticizing cryptocurrency and blockchain technology in the first concerted attempt to counter lobbying by the crypto industry.

• The 26 signatories include Harvard lecturer Bruce Schneier, former Microsoft engineer Miguel de Icaza and principal engineer at Google Cloud, Kelsey Hightower.
• "We urge you to resist pressure from digital asset industry financiers, lobbyists, and boosters to create a regulatory safe haven for these risky, flawed, and unproven digital financial instruments," the letter says.
• The letter is addressed to Senate Majority Leader Charles Schumer (D-N.Y.) and Minority Leader Mitch McConnell (R-Ky.) as well as leading Sens. Patrick Toomey (R-Pa.) and Ron Wyden (D-Ore.), who have both been supportive of the crypto industry.
• Crypto companies spent around $9 million on lobbying in 2021, more than triple the $2.8 million spent the previous year. Cryptocurrency exchange Coinbase was the biggest spender accounting for $1.5 million of this figure.

Read more: Crypto Industry's Growing Sway in Shaping US States' Laws: NY Times

UPDATE (14:10 UTC June 1): Removes FT references and links to letter published online