Community fires back at anti-crypto letter sent to US lawmakers

Recent increases in crypto lobbyists prompted an anti-crypto movement within the tech sector to urge regulators to reject the influence of blockchain advocates through a letter. The crypto community responded by critiquing the move and putting forward counterarguments to the contents of that letter.

26 tech celebrities signed the letter, which was sent to United States lawmakers. It described crypto assets “risky,” “flawed” and “unproven digital financial instrument.” It also urged regulators to impose harsher regulations on cryptocurrencies.

Many in the crypto community didn’t remain silent and reacted to the letter. Preston Byrne, a tech lawyer, also addressed the issue. Byrne also dissected the letter in a blog post and offered counterarguments for the claims made.

The attorney stated that the crypto community doesn’t want a “safe harbor” but prefers regulatory certainty. Tech lawyer also attacked some signatories, calling their “unapologetic attention seekers.”

Meltem Demirors (chief strategy officer at CoinShares), also criticised the signatories, noting that they are “anti-crypto” trolling.

These are the tech experts. last i checked it was 26 individuals who have been notable anti-crypto twitter trolls FT will really publish anything huh https://t.co/u2ySwMkJuB
Meltem Demirors, @Melt_Dem June 1, 2022

Bradley Rettler, a philosophy professor, also expressed his opinions on the letter. Rettler stated that writing essays requires support, and the letter did not support these claims. Rettler offered a detailed critique of the claims made in a Twitter thread.

Vitalik Buterin (the founder of Ethereum) tweeted that Cory Doctorow, an activist and blogger, was a signatory of the letter. He also noted that many members of the community have looked up at Doctorow vision and referred to themselves as “fellow travellers.”

Related: Congress warns SEC that redefining long-standing concepts will be detrimental to the digital ecosystem

Meanwhile, efforts to lobby crypto are increasing. Data from February showed that crypto lobbying spending had increased by 116% annually, making the total expenditures for five years $9.5 million. According to the report, Ripple Labs topped the list of largest lobbyists in the United States.

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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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