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Anti-Crypto tech experts pursue efforts to counter crypto lobbying in the US

crypto
TL;DR Breakdown
  • Tech experts are demystifying the lies crypto enthusiasts are using to back cryptocurrencies.
  • The experts hold that cryptocurrencies are not “decentralized.”
  • Experts have reached out to Washington, urging them to ignore crypto lobbyists who intend to establish a safe crypto haven.

Anti-crypto tech specialists have advised politicians in the US to reject the influence of lobbying attempts made by pro-crypto supporters. According to reports, a Harvard lecturer, Bruce Schneier, said that the claims made by the lovers of virtual assets are misleading. He went on to say that blockchain is not safe and is not decentralized in the true sense. Bruce holds that losing savings due to loss of password shows how blockchain is unsafe.

Bruce, along with other IT gurus, recently signed and submitted a letter to lawmakers in Washington, DC. The letter unanimously denounced blockchain technology.

Stephen Diehl, a software developer, agrees with Bruce’s comments. He is among the elites who signed the letter supporting the notion. Diehl pointed out that the letter is an effort to counter lobbying. He feels that crypto enthusiasts “say what they want” to the legislators.

The signatories to the petition believe that digital assets are risky, defective, and unproven digital assets. Furthermore, their volatile nature is a great reason it has to go.

The elites made an effort to persuade the regulators against the desires of pro cryptos. They urged the legislators not to back the pro-crypto lobbyists. In their minds, the lobbyists are out to establish a “regulatory haven” for digital assets.

Anti-crypto lobbyist out to counter crypto growth

The number of lobbyists representing digital assets went up between 2018 and 2021. This prompted the attempts to oppose crypto lobbying. Besides the number of lobbyists, the funding allocated to crypto lobbying also rose. In 2015, the crypto lobbying funds amounted to $2.2 million, yet, it stands at $9 million today.

The Federal Reserve of the United States just issued research on the CBDC. The research looked at the potential effects of CBDC on the execution of monetary policy in the US. The study presented several scenarios that might take place if a CBDC rolls out.

Meanwhile, experts have given different scenarios on quantitative tightening scheduled for Wednesday. The Federal Reserve of the US plans to tighten the loose ends on CBDC.

In an interview, Pav Hundal, an official at the Swyftx exchange, expressed grave concerns. He holds that the measures could hurt the markets of virtual assets. Yet, Nigel Green, the CEO of deVere Group, believes that it will only have a negligible influence.

Anti-crypto crusade started earlier

The call to abolish digital assets didn’t start with Bruce. Several people have strongly come out to oppose virtual assets publicly. Sen. Elizabeth Warren of Massachusetts is among the strong opposers of their adoption.

In the US, a strong division is emerging between the liberal and centrist wings of the democrat party. Besides, those who always have similar views on financial rules are taking opposite stands. This crack is being driven by questions on how to police digital currency and whether to support its adoption.

Besides leading the onslaught on virtual assets, Sen. Elizabeth has sustained a crackdown on banks and Wall Street. The senator holds that the assets are endangering clients and encouraging financial crimes. She further alleges that it is an environmental threat due to the amount of electricity it uses.

Yet, younger senators and other prominent Democrats are embracing the startup economy. They stand against any policy that hinders digital currency adoption. The young cadres hold that the assets offer a new channel for financial inclusion. Moreover, digital assets are a breakthrough alternative to established banks.

Rep. Ritchie Torres, a Democrat from New York, was recently quoted talking about decentralization. He said that the goal of decentralizing the internet and the financial system is a progressive cause.

You should never describe any technology based on how it may be misused. There is more to digital assets than ransomware, just as there is more to money than merely laundering it.

Ritchie Torres
Nellius Irene

Nellius Irene

Nellius Irene is a cryptocurrency investor and journalist who has been in the nascent space since 2018. She has researched and written on several crypto-related topics including non-fungible tokens (NFTs), decentralized finance (DeFi), fundraising, mining, etc. Her major focus is covering regulatory events that are capable of shaping the entire crypto ecosystem.

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