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Tech Experts Lobby Washington Criticizing Crypto, Blockchain
A letter from 26 technologists refers to crypto as risky, flawed and unproven.
Updated May 11, 2023, 4:26 p.m. Published Jun 1, 2022, 8:49 a.m.
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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
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UPDATE (14:10 UTC June 1): Removes FT references and links to letter published online
