Tech Experts Urged US Congress to Resist Crypto Industry’s Influence

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Computer experts have signed a letter to request the US congress to resist the influence of the crypto space and enforce a crackdown on the industry, reports the Financial time. 

The letter represents the cryptocurrency as an “Unsound and highly speculative investment instrument and further claims that blockchain technology does not serve any real purpose, we urge you to resist pressure from digital asset industry financiers, lobbyists, and boosters to create a regulatory safe haven for these risky, flawed, and unproven digital financial instruments.”

Microsoft’s engineer Miguel de Icaza, one of the signatories of the letter told that the computational power required for blockchain technology could be done in a centralized way using a $100 computer.

He elaborates that the computational power equivalent to what you could do in a centralized way with a $100 computer, just because we don’t trust banking systems that tend to use millions of dollars of equipment is a waste.

Further, the other signatory of the letter, Harvard lecturer Bruce Schneier says that the claims made by blockchain advocates are untrue, and the system is not secured or decentralized as well.

He adds: “Any system where you forget your password and you lose your life savings is not a safe system.” 

The group’s letter has further forwarded to the Senate Majority and Minority leaders, Senator Patrick Toomey and Senator Ron Wyden, and other senators as well, who have spoken in favor of crypto.

The CEO of SIMBA chain said that blockchain technology has helped further to introduce new concepts to finance and other industries. He further noted the advantages and said that it has greater transparency and immutability of data. which ensures accuracy and streamlines processes, the crypto stakeholders further do not accept and agree with the view shared by the tech experts.

Te another expert, Pete Boyle quoted the view of the crypto industry as a “Real chance of bringing financial services to those ostracized by traditional financial institutions.”

At the same time, important individuals like global financial regulators and Senator Elizabeth Warren had warned about the risks associated with the crypto industry.