The letter says that blockchain advocates are making claims that are “not true.” It adds that the technology is not secure and not really decentralized. According to the letter, a system where you can “lose your life savings” if you forget your password is “not a safe system.”
“Counter-lobbying” crypto
This effort by tech scientists and academics is aimed at criticizing crypto and blockchain. Software developer Stephen Diehl added his name to the list. He says that the letter is part of a larger effort of counter-lobbying. And that pro-crypto supporters just tell politicians “What they want” and the counter-lobbying effort will outline the consequences.
The letter was addressed to US lawmakers. But it was also an effort to counter-lobby the growing digital assets sector. This is the first “organized effort” and joint approach to redirect the pro-crypto lobby.
By criticizing crypto investments and pointing out weaknesses in blockchain tech the group is taking on the pro-crypto lobby. According to Public Citizen the budget spent on crypto lobbying from 2018 to 2021 grew from $2.2 million to $9 million.
