Experts in anti-crypto technology urged the United States to resist the influence from pro-crypto lobbying efforts.
Bruce Schneier is a Harvard lecturer who reportedly stated that the claims of blockchain advocates are “not true.” He said that blockchain technology is not secure, and it’s not decentralized. Schneier said that systems that allow you to “lose your life savings” if you forget your password are “not safe.”
Schneier, along with other academics and computer scientists, signed a letter condemning crypto and blockchain that was sent to Washington State lawmakers. Stephen Diehl, a software developer, supports the idea and signed the letter. Diehl pointed out that the letter was an attempt to counter-lobby, as crypto supporters are not allowed to “say what their hearts desire” to politicians.
The letter claimed that cryptos were “risky, flawed, and unproven digital investment instruments.” Academics tried to dissuade regulators of supporting the efforts by pro-crypto lobbyists in creating a “regulatory safety haven” for crypto.
According to Public Citizen data, the rise in lobbyists representing cryptocurrency was a key factor in efforts to counter lobbying. This is according to data from Public Citizen. The budget for crypto lobbying grew from $2.2million to $9 million over those years, in addition to lobbyists.
Related: Bitcoin falls 1.5% in the US market after warning that miners could ‘capitulate’ within months
Yesterday, the U.S. Federal Reserve published an analysis of the possible effects of central bank digital currency (CBDC), on U.S. monetary policy implementation. The study provided scenarios that could occur if a CBDC was implemented.
Analysts had varying opinions about the U.S. Federal Reserve’s quantitative tightening, which is scheduled to begin Wednesday. Cointelegraph was told by Pav Hundal, an executive at Swyftx, that it could have a negative effect on crypto markets. However, Nigel Green (CEO of deVere Group) believes that this may have a minimal impact.