Representatives of the American IT market opposed the blockchain

A group of representatives of the American IT market opposed the lobbying of the cryptocurrency industry in Washington, citing false statements by market representatives. This is written by the Financial Times, citing a letter from representatives of the group.

The group includes Harvard lecturer Bruce Schneier, former Microsoft engineer Miguel de Icaza, Google Cloud chief engineer Kelsey Hightower, and 26 scientists and academics.

According to Schneier, the statements of blockchain lobbyists are far from the truth. He notes that the blockchain is by no means decentralized, but “any a system in which you forget your password and lose your savings is not secure.” Representatives of the AMERICAN IT market wrote to US senators:

“We urge you to resist pressure from financiers, lobbyists and supporters of the digital asset industry to create a regulatory safe haven for these risky, flawed and unproven digital financial instruments.”

The letter focuses on the fact that cryptocurrencies were a means for “unreliable and highly volatile speculative investment schemes that are actively promoted among retail investors.”

In addition, representatives of the group note that the computing power of many blockchain solutions “is equivalent to what could be done centrally with a computer for $ 100 dollars.” According to Ikasa, American investors spend millions of dollars on equipment simply because, in their opinion, the banking system is no longer trustworthy.

Earlier, the consumer protection group Public Citizen found that the number of lobbyists of the crypto market increased from 115 to 320 in the period from 2018 to 2021. During the same time period, lobbying costs increased from $2.2 million to $9 million.

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