The battle over the future of crypto sector regulation continues to rage in the US Congress. A few weeks ago, a group made up of academics, engineers, and several tech industry luminaries sent a letter to Congress in which they denounced the few real benefits offered by blockchain, saying that other instruments existing ones could solve the same problems. They were calling on members of Congress to take a more critical approach to the crypto industry and ignore industry lobbyists.
Crypto proponents did not sit idly by: Preston Byrne, a technology lawyer, published a blog post in which he presented point-by-point counterarguments to the claims in this letter. Byrne said the crypto community wants regulatory certainty, not a safe haven. Meltem DemirorsDirector of Strategy at CoinSharesalso criticized the signatories, stating that most are known to be troll “anti-crypto”.
Several human rights and humanitarian activists also defended the crypto sector in an open letter to the US Congress, stressing the importance of cryptocurrencies in the fight against “currency colonialism” around the world. This group of 21 activists includes people from countries experiencing conflict or those in which citizens face many uncertainties due to daily economic instability, such as Ukraine, Russia, Iraq, Nigeria, Venezuela, Cuba and even North Korea. In the letter, one can read in particular:
“For most Westerners, the horrors of monetary colonialism, misogynistic financial policy, frozen bank accounts, remittance companies that exploit migrants, and the inability to connect to the global economy may represent distant concerns. “.
The famous anti-crypto letter to Congress called for refusing to create a “regulatory haven for these risky, imperfect, and unproven digital financial instruments.” Among the main signatories are long-time critics of cryptocurrencies, such as David Gerard, Molly White and Stephen Diehl. The coalition of activists and humanitarians said that almost all of the authors of the anti-crypto letter are from countries with “stable currencies, freedom of speech and strong property rights” and that they do not have most likely not experienced hyperinflation or dictatorship.
These activists attest that for those who cannot access the euro or the US dollar, Bitcoin represents a viable alternative to fiat currency. The group claims that they have also relied on Bitcoin and stablecoins in the “fight for freedom and democracy” and that “tens of millions of others” living under authoritarian regimes or in volatile economies use the cryptocurrencies for the same reason.
Pretending that the practical value and future potential of cryptocurrencies “does not exist” negates the lived experience of millions of people like us and our colleagues who have depended on Bitcoin and stablecoins in times of crisis and autocracy.
These activists concede, however, that “the crypto industry is undoubtedly riddled with scams and scams (…) but the solution is not to conflate genuinely useful fintech instruments with harmful cryptocurrencies.”
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