A group of tech experts, including specialists from Microsoft, Google and Harvard, has sent a letter to both Senate Majority and Minority Leaders, urging them to oppose blockchain lobbyists whose claims are far from the truth, the Financial Times has learned.
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According to the report, a group of almost 30 experts is calling on lawmakers to pay more attention to those who support the crypto market since blockchain "is not secure or decentralized." Harvard lecturer Bruce Schneier wrote in the letter that blockchain isn't safe as many used to believe because "any system where you forget your password and you lose your life savings is not a safe system." The letter says:
"Crypto-assets have been the vehicle for unsound and highly volatile speculative investment schemes that are being actively promoted to retail investors who may be unable to understand their nature and risk."
Microsoft ex-engineer Miguel de Icaza was more skeptical in his views, saying that the US is "wasting millions of dollars’ worth of equipment because we've decided that we don't trust the banking system." He added that the computational power for blockchain needs is "equivalent to what you could do in a centralized way with a $100 computer."
Blockchain lobbyists are jumping through hoops to convince US lawmakers to give the industry a green light as financial watchdogs keep an eye on the market over volatility issues and often rug-pulls. As iHodl earlier reported, the National Football League (NFL) spent $600,000 lobbying the US Securities and Exchange Commission (SEC) on "issues related to blockchain technology."
According to a regulatory filing, the NFL was active from July through December last year, lobbying the White House Office, the Department of Justice and the Department of Commerce on "federal regulation of sports betting." According to sources close to the matter, the football league is trying to find out if cryptocurrencies can become an integral part of its business.
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