an anti-crypto-collective pleads with the US Congress

A collective of 26 IT experts and professionals has blown up the crypto industry, claiming that blockchain and cryptocurrencies are not decentralized – and urged US politicians to crack down on the industry and its lobbyists.

Statue of George Washington, Washington DC. Source: Adobe / kirkikis

The group includes the teacher Bruce Schneier of’Harvard Universitythe former engineer of Microsoft, Miguel de Icaza and an engineer from Google Cloud appointed Kelsey Hightowerreported the Financial Times, while software developer and crypto-industry critic Stephen Diehl have took the floor on Twitter to justify the campaign and writes:

“Crypto-fraud is getting out of control. The so-called Web3 is not doing very well. Regulators are crippled and people are becoming victims left and right. It is up to us, responsible citizens and engineers, to help solve that problem. , we have created by our passivity. “

The group appears to have been outraged at the work done by “Washington-based cryptocurrency advocates who want to resist attempts” to regulate what the Financial Times calls a “foaming industry.”

The letter was addressed to the Senate’s majority and minority leaders, Charles Schumer and Mitch McConnellas well as “leading senators” like the Republican Patrick Toomey and the Democrat Ron Wyden. The latter two are known for their pro-crypto stance on a number of topics.

The IT specialists wrote in their letter:

“We urge you to resist the pressure of financial officials, lobbyists and digital asset promoters to create a regulatory haven for these risky, flawed and untested digital financial instruments.”

They add:

“Crypto-assets have been the tool of flimsy and highly volatile speculative investment schemes that are actively promoted to retail investors who are unable to understand their nature and risk.”

The business quoted the Harvard associate professor as saying that:

“The claims made by blockchain advocates are not true. Crypto is neither secure nor decentralized. Any system where you forget your password and lose your savings is not a secure system.”

Diehl, meanwhile, claimed the group’s efforts were “counter-lobbying”, saying people in the crypto industry say what they want to politicians.

The same business pointed to data from the Congressional Lobbying Disclosure, which showed a sharp increase in crypto-lobbying in the period 2018-2021, with the amount of money spent on lobbying for the sector “quadrupled” from $ 2.2 million in 2018 to $ 9 million last . year. One of the most important market exchanges, Coin basespent $ 1.5 million on lobbying alone last year, while data shows companies like Meta, Visa and PayPal is engaged in pro-crypto-lobbying.

And the signatories would have “gone further by claiming that crypto and blockchain technology serve no real purpose.”

De Icaza has been quoted as explaining:

“The computing power [des crypto] is equivalent to what you could do centrally with a computer for $ 100. We are wasting basic equipment for millions of dollars because we have decided not to trust the banking system. “

Diehl also shared a tweet from Jorge Stolfiprofessor of computer science atCampinas State Universitywho has writing :

“Any computer scientist should be able to see that cryptocurrencies are totally dysfunctional payment systems and that ‘blockchain technology’ (including smart contracts) is technological fraud.” Can they please say it out loud? “

It has another American computer scientist replied to this tweet and believed that “there is no IT problem for which blockchain is less than the best solution.”

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