Computer scientists and academics pursue efforts to stop crypto lobbying in US

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Anti-cryp­to tech­nol­o­gy experts urged Unit­ed States law­mak­ers to resist the influ­ence of pro-cryp­to lob­by­ing efforts. 

Bruce Schneier, a lec­tur­er at Har­vard, report­ed­ly said that blockchain advo­cates’s claims are “not true.” He added that the tech­nol­o­gy is not secure and not real­ly decen­tral­ized. Accord­ing to Schneier, sys­tems where you can “lose your life sav­ings” when you for­get your pass­word is “not a safe system.” 

Along with oth­er com­put­er sci­en­tists and aca­d­e­mics, Schneier signed a let­ter crit­i­ciz­ing cryp­to and blockchain and sent it to U.S. law­mak­ers in Wash­ing­ton. Soft­ware devel­op­er Stephen Diehl sup­ports the idea and also signed the let­ter. Diehl not­ed that the let­ter is an effort for counter lob­by­ing since cryp­to sup­port­ers only “say what they want” to the politicians. 

With­in the let­ter, the sig­na­to­ries claimed that cryp­tos are “risky, flawed and unproven dig­i­tal finan­cial instru­ments.” The aca­d­e­mics attempt­ed to dis­suade reg­u­la­tors from sup­port­ing the efforts of pro-cryp­to lob­by­ists to cre­ate a “reg­u­la­to­ry safe haven” for crypto. 

The efforts to com­bat cryp­to lob­by­ing came amid the growth of lob­by­ists rep­re­sent­ing cryp­to in 2018 to 2021 accord­ing to data from Pub­lic Cit­i­zen. Apart from lob­bysts, the bud­get spent on cryp­to lob­by­ing also grew from $2.2 mil­lion to $9 mil­lion dur­ing those years. 

Relat­ed: Bit­coin drops 1.5% on US mar­ket open amid warn­ing min­ers may ‘capit­u­late’ in months

Just yes­ter­day, the U.S. Fed­er­al Reserve pub­lished a study that exam­ined the poten­tial effects of cen­tral bank dig­i­tal cur­ren­cies (CBDC) on the imple­men­ta­tion of U.S. mon­e­tary poli­cies. The study high­light­ed sce­nar­i­ous that could hap­pen in the event that a CBDC is implemented.

Mean­while, ana­lysts expressed vary­ing opin­ions on the U.S. Fed­er­al Reserve’s quan­ti­ta­tive tight­en­ing that’s sched­ule to start Wednes­day. Pav Hun­dal, exec­u­tive at Swyftx exchange, told Coin­tele­graph that this may have a neg­a­tive impact on cryp­to mar­kets. On the oth­er hand, Nigel Green, the CEO of deVere Group, thinks that it may have min­i­mal impact. 

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