A group of tech experts and academics wrote to U.S. lawmakers criticizing cryptocurrency and blockchain technology in the first concerted attempt to counter lobbying by the crypto industry.
"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," the letter says.
The letter is addressed to Senate Majority Leader Charles Schumer (D-NY) and Minority Leader Mitch McConnell (R-KY) as well as leading senators Patrick Toomey (R-PA) and Ron Wyden (D-OR), who have both been supportive of the crypto industry.
Crypto companies spent around $9 million on lobbying in 2021, more than triple the $2.8 million spent the previous year. Cryptocurrency exchange Coinbase was the biggest spender accounting for $1.5 million of this figure.
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