The efforts came amid the growth of the number of crypto lobbyists and the increase in budget spent on lobbying for crypto.
Anti-crypto technology experts urged United States lawmakers to resist the influence of pro-crypto lobbying efforts.said that blockchain advocates's claims are"not true." He added that the technology is not secure and not really decentralized. According to Schneier, systems where you can"lose your life savings" when you forget your password is “not a safe system.”
Along with other computer scientists and academics, Schneier signed a letter criticizing crypto and blockchain and sent it to U.S. lawmakers in Washington. Software developer Stephen Diehl supports the idea and also signed the letter. Diehl noted that the letter is an effort for counter lobbying since crypto supporters only"say what they want" to the politicians.
Within the letter, the signatories claimed that cryptos are"risky, flawed and unproven digital financial instruments." The academics attempted to dissuade regulators from supporting the efforts of pro-crypto lobbyists to create a"regulatory safe haven" for crypto. The efforts to combat crypto lobbying came amid the growth of lobbyists representing crypto in 2018 to 2021 according to
from Public Citizen. Apart from lobbysts, the budget spent on crypto lobbying also grew from $2.2 million to $9 million during those years.