humanitarian defenders the crypto and bitcoin sector (BTC).

The battle for the future of cryptocurrency regulation continues to rage in the US Congress. A few weeks ago, a group of academics, engineers and several tech industry luminaries sent a letter to Congress condemning the few real benefits that blockchain offers, saying other existing instruments could solve the same problems. They urged members of Congress to take a more critical approach to the crypto industry and ignore industry lobbyists.

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Crypto supporters did not sit still: Preston Byrne, a technology lawyer, published a blog post in which he presented point-by-point counter-arguments to the allegations in this letter. Byrne said the crypto community wants regulatory security, not a secure port. Meltem Demirorsdirector of strategy at Coin sharesalso criticized the signatories, indicating that most are known to be troll “anti-crypto”.

Several human rights and humanitarian activists also defended the crypto sector in an open letter to the US Congress, stressing the importance of cryptocurrencies in the fight against “currency colonialism” around the world. This group of 21 activists includes people from countries affected by conflicts or those whose citizens face many uncertainties due to daily economic instability, such as Ukraine, Russia, Iraq, Nigeria, Venezuela, Cuba and even North Korea. In the letter you can especially read:

“For most Westerners, the horrors of monetary colonialism, misogynistic fiscal policy, frozen bank accounts, money transfers that exploit migrants, and the inability to connect to the global economy can represent distant concerns.”

The famous anti-crypto letter to Congress called for refusing to create a “regulatory haven for these risky, imperfect and unproven digital financial instruments.” Among the main signatories are longtime critics of cryptocurrencies, such as David Gerard, Molly White and Stephen Diehl. The coalition of activists and humanitarian staff said almost all the authors of the anti-crypto letter are from countries with “stable currencies, freedom of speech and strong property rights”, and that they most likely have not experienced hyperinflation or dictatorship.

These activists attest that for those who cannot access the euro or the US dollar, Bitcoin represents a viable alternative to fiat currency. The group claims that they have also bet on Bitcoin and stablecoins in the “fight for freedom and democracy”, and that “tivis of millions of others” living under authoritarian regimes or in volatile economies use the cryptocurrencies for the same reason.

Pretending that the practical value and future potential of cryptocurrencies “does not exist” denies the lived experience of millions of people like us and our colleagues who have relied on Bitcoin and stablecoins in times of crisis and autocracy.

However, these activists admit that “the crypto industry is undoubtedly fraught with fraud and deception (…), but the solution is not to confuse genuinely useful fintech instruments with malicious cryptocurrencies.”

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