{"id":240814,"date":"2022-06-02T05:40:47","date_gmt":"2022-06-02T04:40:47","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=240814"},"modified":"2022-06-02T05:25:35","modified_gmt":"2022-06-02T04:25:35","slug":"tech-experts-urge-federal-lawmakers-to-resist-crypto","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/tech-experts-urge-federal-lawmakers-to-resist-crypto\/","title":{"rendered":"Tech experts urge Federal Lawmakers to &#8216;resist&#8217; crypto"},"content":{"rendered":"<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">A group of computer experts has signed a letter urging the US Congress to resist the influence of the crypto space and enforce a crackdown on the industry, Financial Times <\/span><a href=\"https:\/\/www.ft.com\/content\/f4b2fa1a-4057-4b10-9f3b-efa57e6bcbac\"><span style=\"font-weight: 400;\">reported<\/span><\/a><span style=\"font-weight: 400;\">.<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The letter presented cryptocurrencies as an \u201cunsound and highly speculative investment\u201d instrument and further claimed that blockchain technology does not serve any real purpose.<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Part of the letter reads:<\/span><\/p>\n<blockquote>\n<p style=\"font-weight: 400;\"><strong>&#8220;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.&#8221;<\/strong><\/p>\n<\/blockquote>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">One of the signatories to the letter, Microsoft\u2019s engineer Miguel de Icaza, said the computational power required for blockchain tech could be done in a centralized way with a $100 computer.<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">In his words,<\/span><\/p>\n<blockquote>\n<p style=\"font-weight: 400;\"><strong>&#8220;The computational power is equivalent to what you could do in a centralised way with a $100 computer. We\u2019re essentially wasting millions of dollars\u2019 worth of equipment because we\u2019ve decided that we don\u2019t trust the banking system.&#8221;<\/strong><\/p>\n<\/blockquote>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Another signatory to the letter, Havard\u2019s lecturer Bruce Schneier declared that claims made by blockchain advocates are untrue. According to him, the system is not secured or decentralized, before adding that:<\/span><\/p>\n<blockquote>\n<p style=\"font-weight: 400;\"><strong>&#8220;Any system where you forget your password and you lose your life savings is not a safe system.&#8221;<\/strong><\/p>\n<\/blockquote>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The group\u2019s letter was sent to the Senate Majority and Minority leaders and other senators who have spoken in favor of crypto, like Senator Patrick Toomey and Senator Ron Wyden.<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Meanwhile, this is not the first time the crypto industry will draw negative appellations from the public. Notable individuals like Senator Elizabeth Warren and global financial regulators have severally <a href=\"https:\/\/cryptoslate.com\/senator-warren-calls-defi-the-most-dangerous-space-in-crypto\/\">warned<\/a> about the risks attached to the crypto industry.<\/span><\/p>\n<h2>Crypto experts disagree<\/h2>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Crypto stakeholders have voiced their disagreements with the views shared by the tech experts.<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">According to Bryan Ritchie, the CEO of SIMBA Chain, blockchain technology has helped introduce new concepts to finance and other industries. He continued that while the technology is \u201cstill very complicated for most,\u201d it still has its advantages as its \u201ctransparency and immutability of data\u201d can help to ensure accuracy and streamline processes.<\/span><\/p>\n<p style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Another expert, <\/span><a href=\"https:\/\/www.linkedin.com\/in\/peterjamesboyle\"><span style=\"font-weight: 400;\">Pete Boyle<\/span><\/a><span style=\"font-weight: 400;\">, is of the view that the crypto industry has a <\/span><\/p>\n<blockquote>\n<p style=\"font-weight: 400;\"><strong>&#8220;Real chance \u2026 (of) bringing financial services to those ostracised by traditional financial institutions.&#8221;<\/strong><\/p>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>A group of computer experts has signed a letter urging the US Congress to resist the influence of the crypto space and enforce a crackdown on the industry, Financial Times reported. The letter presented cryptocurrencies as an \u201cunsound and highly speculative investment\u201d instrument and further claimed that blockchain technology does not serve any real purpose. [&hellip;]<\/p>\n","protected":false},"author":720,"featured_media":240860,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[107,60793,11,37],"tags":[74060,77782,74803],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Tech experts urge Federal Lawmakers to &#039;resist&#039; crypto<\/title>\n<meta name=\"description\" content=\"Tech experts in the United States have written federal lawmakers to &#039;resist&#039; the influence of crypto lobby groups.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/tech-experts-urge-federal-lawmakers-to-resist-crypto\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tech experts urge Federal Lawmakers to &#039;resist&#039; 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