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.
- 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.
UPDATE (14:10 UTC June 1): Removes FT references and links to letter published online
Read more about
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.