• A number of prominent academics joined forces to push for US legislation to regulate the cryptocurrency boom.
• ‘Claims that the blockchain advocates make are usually not true,’ says the group.
• Lobbyists for the cryptocurrency business have increased in number from 115 to 320 between 2018 and 2021.

A number of prominent scientists joined together to call on US lawmakers to clamp down against cryptocurrency.

This group includes Bruce Schneier (Harvard lecturer), Miguel de Icaza (Microsoft (NASDAQ:), engineer) and Kelsey Hightower (Google (NASDAQ::) Cloud) principal engineer. These 26 members are all part of a group which has signed a criticism letter about crypto investments and Blockchain technology.

Schneier was quoted saying, “The claims that the blockchain advocates make are usually not true.” He added to this by remarking that blockchain was not safe nor decentralized. Schneier is convinced that any system which allows people to lose their entire life savings simply by forgetting their password is unsafe.

Stephen Diehl (a programmer and software developer) explained the reasons behind signing the letter. “We’re counter-lobbying, that’s what this letter is about,” says Diehl. “The crypto business has its people, they say what they want to the politicians.”

However, an assessment by The Citizen of The US Congressional Lobbying Disclosure Database found that the total number of lobbyists for the crypto-business has increased from 115, 2018 to 320, in 2021.

Also, the amount of money spent lobbying in favor of crypto has seen an increase. This amount is almost quadruple from $2.2mn to 9mn.

Signatories to the document went so far as saying that blockchain and crypto tech had no real purpose. Other members also pointed out that people were spending millions of dollars on equipment due to their decision not trust the banking system.

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