The open letter was signed by dozens of high-level experts from the world of new technologies, including – incl. Computer scientists, software engineers and scientists such as Bruce Schneier (lead cybersecurity analyst) and Google Cloud chief engineer Kelsey Hightower.
Tech officials are urging Congress to take decisive action “to resist pressure from the digital finance industry and its lobbyists to create a safe harbor in emerging legislation that allows all risky, flawed financial instruments and not secure to operate”.
It’s high time to tackle the risks of the crypto industry
The letter was addressed to members of Congress across divisions. Its content challenges the hassle-free and super-attractive image of the cryptocurrency and blockchain industry, which is presented to the world by related entities and lobbyists.
According to the signatories of the letter, it is false and is to give the impression that “these technologies represent a positive and beneficial financial innovation and are a solution to the problems faced by ordinary Americans”.
Experts signed by the letter warn that cryptocurrencies are used today to promote unfair and highly volatile speculative investment models to investors who may not understand the risks involved in trading these types of currencies. ‘assets.
Cryptocurrencies are not safe
The aforementioned cybersecurity expert Bruce Schneier, in an interview with the Financial Times, pointed out that “claims made by proponents of blockchain technology are not true”. As he pointed out, “It’s not safe, it’s not decentralized. Any system in which you can lose your vital resources because you forget your password is not a secure system “- said the specialist.
Cnet notes that a letter signed by tech industry experts was released three months after US President Joe Biden called on the US Treasury, Federal Reserve and other government agencies to carefully map the risks associated with the rapid growth of the crypto industry and exploring the possibilities. to create a digital dollar, which will be a cryptocurrency controlled by the US central bank.
On the pages of our website, we have also written about the reservations that the head of the European Central Bank has expressed towards the cryptocurrency industry.
Giant Crypto Industry Lobbying
The amount spent on lobbying by the cryptocurrency industry quadrupled between 2018 and 2021, from $2.2 million to $9 million (data from Public Citizen group).
The purpose of lobbying activities is mainly to influence lawmakers and convince lawmakers that the crypto industry is a vanguard of innovation that will have an absolutely positive impact on society just like other segments. of the fintech sector.
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