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Tech Experts Lobby Washington Criticizing Crypto, Blockchain
A letter from 26 technologists refers to crypto as risky, flawed and unproven.
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
STORY CONTINUES BELOW
UPDATE (14:10 UTC June 1): Removes FT references and links to letter published online
Jamie Crawley
Jamie has been part of CoinDesk's news team since February 2021, focusing on breaking news, Bitcoin tech and protocols and crypto VC. He holds BTC, ETH and DOGE.
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