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Tech experts call on U.S. senators to oppose blockchain

Tech experts call on U.S. senators to oppose blockchain

A group of U.S. IT market reps spoke out against the cryptocurrency industry's lobbying in Washington, referring to the false statements of market representatives. 

As reported by the Financial Times, the group consists of Harvard professor Bruce Schneier, former Microsoft engineer Miguel de Icaza, Google Cloud chief engineer Kelsey Hightower, and 26 scientists and academicians. The group wrote the following letter to U.S. senators:

“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 stresses that “Crypto-assets have been the vehicle for unsound and highly volatile speculative investment schemes that are being actively promoted to retail investors who may be unable to understand their nature and risk.”

According to Schneier, the claims of blockchain lobbyists are far from the truth. He notes that blockchain is not decentralized at all, but rather “Any system where you forget your password, and you lose your life savings is not a safe system.” 

Moreover, group reps said a few words about the computational power of many blockchain solutions: “The computational power is equivalent to what you could do in a centralized way with a $100 computer.” According to de Icaza, U.S. investors spend millions of dollars on equipment simply because they believe the banking system is no longer trustworthy.

Earlier, the consumer advocacy group Public Citizen found that the number of crypto lobbyists increased from 115 to 320 between 2018 and 2021. During the same time frame, lobbying expenses increased from $2.2 million to $9 million.

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