Crypto News: Tech Experts, Academics To Resist Crypto Lobbying In US
Anti-crypto technology specialists advised lawmakers in the United States to fight pro-crypto lobbying attempts.
iexclusivenews reports that 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.
This online news outlet understands that according to Schneier. Systems where you can “lose your life savings” when you forget your password is “not a safe system.”
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Schneier signed a letter denouncing crypto and blockchain that was delivered to US lawmakers in Washington with the help of other computer scientists and academics.
Stephen Diehl, a software developer, supports the notion and signed the letter. The letter, according to Diehl, is an attempt to resist lobbying, as crypto supporters simply “say what they want” to lawmakers..
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.
According to statistics from Public Citizen, efforts to fight cryptocurrency lobbying coincided with an increase of lobbyists for crypto from 2018 to 2021. Apart from lobbyists, the expenditure for crypto lobbying increased from $2.2 million to $9 million during the same period.
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The Federal Reserve of the United States has released a research that looked into the potential effects of central bank digital currency (CBDC). On the execution of monetary policy in the United States. The paper outlined many scenarios that could occur if a CBDC is enacted.
Meanwhile, iexclusivenews Nigeria reports that analysts have differing views on the US Federal Reserve’s quantitative tightening. Which is set to begin on Wednesday.
According to Pav Hundal, executive of Swyftx exchange, this might have a negative impact on crypto markets. On the other hand, deVere Group CEO Nigel Green believes it will have a minor influence.
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