The proliferation of cryptocurrency in recent times has radically altered the way in which new-age transactions and investments occur online. Cryptocurrency is currently facing its halcyon days on one side, with every country around the world and big names entering the lucrative industry. But on the other side, there is growing tension in the form of anti-crypto bills and retaliation from crypto dissenters like lawmakers, academicians, economists, computer scientists and environmental activists.
There is a lobbying war of sorts happening in the United States where two factions are lobbying for and against the decentralized digital currency. Crypto-favourable lobbying from platforms like Coinbase has seen a massive expenditure jump in the last year, with a whopping $9 million being used to invite the public to make the transition to crypto. This has made counter-efforts difficult but there is still pushback. The latest complaint comes from over two dozen professionals like software engineers, academic experts and technological specialists protesting against blockchain technology. They have appealed to U.S. legislators in the form of anti-crypto lobbying and expressed growing concerns about the ill effects to economy not advertised by crypto companies.
Reasons for crypto backlash
The widespread skepticism towards crypto has been garnering attention in the last year. Cryptocurrency is under censure for its largely turbulent and high-risk nature. Anti-crypto advocates have been asking for regulatory measures that control cryptocurrency and deem it an ingenuine service that does not exist for public good. They hold the opinion that handing over the reins to cryptocurrency players with no mandates is unsafe to the global marketplace at large and digital transactions in specific. With the advent of NFTs, there are also rising anxieties from environmentalists as blockchain technology uses up high amounts of energy that negatively impacts the environment and increases humanity’s carbon footprint.
The letter jointly penned in an attempt to provide counter-lobbying efforts against crypto calls for legislation to uphold ethicality and keep in mind the welfare of citizens. Though it does not call for any immediate law to overpower cryptocurrency, it has requested the lawmakers to not blindly give in to the hype of the crypto sector.