26 computer scientists and engineers wrote a letter to U.S. policy makers to warn them of the dangers of the industry. They want the leaders in Washington to focus on responsible fintech policy.
The claims that the advocates make are not true, according to Harvard professor Bruce Schneier. Any system where you forget your password is not a safe system.
Lawmakers should resist lobbying by advocates of the industry who don't want the government to regulate it. According to an analysis by Public Citizen, the amount of money spent on lobbying for cryptocurrencies has increased in the past couple of years. In the first quarter of this year, stakeholders from the industry spent about $4.4 million on federal lobbying.
As a result, some are worried that the industry will get to enjoy unwarranted freedoms as far as regulation goes.
The letter was sent to the leaders of the House and Senate and called on them to support each other. It comes at a time of increased concern following the crash of TerraUSD. The concerns expressed in the letter are not novel, but they mark the first concerted effort to counter the industry.
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