Cryptocurrency investment received heavy criticism from 26 computer scientists

Cryptocurrency investment received heavy criticism from 26 computer scientists

The first organized campaign to challenge well-funded lobbying by crypto companies has united a group of prominent computer scientists to push US politicians to crack down on the expanding cryptocurrency sector.

Bruce Schneier, a Harvard professor, Miguel de Icaza, a former Microsoft engineer, and Kelsey Hightower, a principal engineer at Google Cloud, are among 26 leading computer experts and academics who signed a letter to US politicians harshly criticizing crypto investments and blockchain technology.

While people have expressed similar concerns about the safety and trustworthiness of digital assets, this is a more concerted effort to counter the rising influence of crypto enthusiasts who oppose attempts to regulate the industry.

“The claims that the blockchain advocates make are not true,” said Schneier. “It’s not secure, it’s not decentralised. Any system where you forget your password and you lose your life savings is not a safe system,” he added.

“We’re counter-lobbying, that’s what this letter is about,” said signatory and software developer Stephen Diehl. “The crypto industry has its people, they say what they want to the politicians.”

The number of lobbyists representing the crypto industry increased from 115 to 320 between 2018 and 2021, according to a recent analysis of the US Congressional Lobbying Disclosure database by Public Citizen, a consumer advocacy group, and the amount spent on lobbying for the crypto sector quadrupled from $2.2 million to $9 million during the same time period.

Coinbase, a digital assets exchange located in the United States, spearheaded the charge, employing 26 lobbyists and spending $1.5 million on lobbying in 2021. Meta, Visa, and PayPal, among other companies with a rising interest in the rising digital assets space, have campaigned for the industry.

Meanwhile, major cryptocurrency exchanges like FTX and Binance have spent a lot of money on endorsement partnerships with sports and entertainment venues to advertise their wares to the general public.

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