With the cryptocurrency market reaching all-time highs in the previous year, it was not surprising that the number of crypto lobbyists has gone up significantly. But, there is always a downside and this increasing number has also resulted in a rise in anti-crypto people in the tech sector. As they are not in favor of these digital currencies, these individuals have now taken to urge regulatory authorities to stay away from the space and to resist the so-called bad influence of crypto and blockchain enthusiasts. In one such measure, an anti-crypto letter was sent to lawmakers in the United States.
A total of 26 people from the tech industry signed the letter and then sent it to the US lawmakers. The contents of the letter said that there was a great deal of risk involved in the crypto sector and it also comes with numerous challenges. It went as far as calling crypto assets as digital financial instruments that are unproven. Moreover, the letter was also anti-blockchain and said that there did not seem to be any such benefits of this technology. The letter’s content said that regulatory authorities need to come up with some harsh regulations for the crypto and blockchain industry.
This is because not only pose a risk for investors, but they do not offer any benefits to the people, or society as a whole. There was a quick response from the crypto community when news of the letter hit. A number of people did not agree with the content and the arguments that had been put forward by the signatories. The letter was also analyzed by a tech lawyer, Preston Byrne, who did not agree with the arguments that were presented. According to the attorney, the crypto community has been asking for regulatory clarity for quite a while.
He said that the ones behind the letter were just attention seekers and nothing more. MeltemDemirors, CoinShares’ chief strategy officer, called the signatories of the letter as anti-crypto trolls. A philosophy professor, Bradley Rettlerwas also quick to highlight the gaps in the letter. He said that such letters require support, but no evidence had been provided to back up the claims that had been made. He critiqued the arguments that were presented in the letter on a Twitter thread. VitalikButerin, Ethereum’s co-founder, also criticized Cory Doctorow, one of the signatories of the letter.
He is a blogger and an activist and Buterin said Doctorow had been considered a fellow traveler and many members of the crypto community had looked up to him. Therefore, his move had caused a great deal of confusion and upset crypto advocates. This letters comes because of increasing crypto lobby efforts. Statistics in February indicated that there had been a 116% rise in the expenses dedicated to crypto lobbying in a year. There has been a $9.5 million increase in crypto lobbying efforts in the last five years and Ripple remains the largest spender when it comes to making lobbying efforts in the United States.