Crypto community hits back at anti-crypto letter sent to US lawmakers

The rise of crypto lobbyists has recently sparked efforts by anti-cryptocurrency figures in the tech space, who have urged regulators to resist the influence of blockchain advocates with a letter. In response, the crypto community criticized the move and offered rebuttals to the letter's content.

The letter to U.S. lawmakers, signed by 26 tech figures, described crypto assets as "risky, flawed, unproven digital financial instruments." It expressed dissent on the potential of blockchain technology and urged regulators to enact stricter regulations on cryptocurrencies.

The crypto community did not remain silent, with many responding and voicing their disapproval of the letter and its contents. Tech lawyer Preston Byrne also gave his take on the issue. In a blog post, Byrne dissected the letter and offered rebuttals to its signatories' claims.

According to the lawyer, what the crypto community wants is not a “safe harbor,” but regulatory certainty. The tech lawyer also slammed some of the signatories, calling them "literal attention seekers."

In addition to Byrne, CoinShares Chief Strategy Officer Meltem Demirors also criticized the signatories, noting that they are known “anti-cryptocurrency” trolls.

Philosophy professor Bradley Rettler also commented on the letter. According to Rettler, writing an article requires support, and this letter failed to support its claims. In a Twitter thread, Rettler offered a detailed critique of the letter's assertions.

Ethereum founder Vitalik Buterin said on Twitter that activist and blogger Cory Doctorow was a signatory to the letter, which "disturbed and confused many cryptocurrency advocates." Buterin noted that many community members admire Doctorow's vision and see him as a "fellow traveler."

At the same time, crypto lobbying is on the rise. In February of this year, data showed that cryptocurrency lobbying spending had grown at an annual rate of 116%, with a five-year total of $9.5 million. The report revealed that Ripple Labs topped the list of the largest spenders lobbied in the United States.

Cointelegraph Chinese is a blockchain news information platform, and the information provided only represents the author's personal opinion, has nothing to do with the position of the Cointelegraph Chinese platform, and does not constitute any investment and financial advice. Readers are requested to establish correct currency concepts and investment concepts, and earnestly raise risk awareness.