Harvard Lecturer makes efforts to stop crypto lobbying in the US

Harvard lecturer Bruce Schneier an anti-crypto technology specialist makes move to stop crypto lobbying in the US, he said: “blockchain is not secure and really not decentralized”.
Harvard Lecturer makes efforts to stop crypto lobbying in the US
Harvard Lecturer makes efforts to stop crypto lobbying in the US

Blockchain enthusiasts’ statements, according to Bruce Schneier, a Harvard lecturer, are “not true.” He went on to say that the technology isn’t safe and isn’t truly decentralized.

Systems where you can “lose your life savings” if you forget your password, according to Schneier, are “not a safe system.”

Schneier signed a letter denouncing crypto and blockchain that was delivered to US lawmakers in Washington with the help of other computer scientists and academics. Stephen Diehl, a software developer, supports the notion and signed the letter.

The letter, according to Diehl, is an attempt to resist lobbying, as crypto supporters simply “say what they want” to lawmakers.

The signatories said that cryptos are “risky, defective, and unproven digital financial instruments” in the letter. The academics attempted to persuade authorities not to back pro-crypto lobbyists’ efforts to create a “regulatory safe haven” for cryptocurrency.

According to statistics from Public Citizen, efforts to fight crypto lobbying coincided with an increase of lobbyists for crypto from 2018 to 2021.

Apart from lobbyists, the expenditure for crypto lobbying increased from $2.2 million to $9 million during the same period.

The Federal Reserve of the United States has released research that looked into the potential effects of central bank digital currency (CBDC) on the execution of monetary policy in the United States. The paper outlined many scenarios that could occur if a CBDC is enacted.

Meanwhile, economists have differing views on the US Federal Reserve’s quantitative tightening, which is set to begin on Wednesday.

According to Pav Hundal, executive of Swyftx exchange, this might have a negative impact on crypto markets. On the other hand, deVere Group CEO Nigel Green believes it will have a minor influence.