Cryptocurrency users in the United States have been feeling a pinch of escalating unease ever since President Biden signed an ordinance that seeks to place a check on digital assets earlier this year. Among its many tenets were those that highlighted caveat emptor and even a bid to clampdown on the boom of cryptocurrency. Over the past two years, many instances are cropping up under the federal law of the United States where legislators are increasing efforts to suppress and resist cryptocurrency.
In a recent development, technological specialists which includes some top officials belonging to renowned companies have banded together to urge U.S. lawmakers to support their anti-crypto agenda. For a multitude of reasons, crypto is facing flak from employees hailing from the likes of Google and Microsoft. They are raising red flags to highlight the volatile nature of blockchain technology, and pushing to raise consumer awareness about the risks of the financial vehicle. This list even includes a Harvard professor who is criticizing crypto companies for making false claims.
Crypto critics and advocates at loggerheads
In this tug of war between tech and blockchain experts, the former however beg to differ. They are focusing on all the upsides of cryptocurrency such as finding solutions to some economic conundrums, a boon which was not possible before. A key aspect in the pro-crypto agenda is that cryptocurrency will empower millions of unbanked people around the world with access to financial flexibility and digital currency. This also includes a way to circumvent rising inflation and access upgraded digital privacy.
While U.S. senators are being approached with a letter from this group of techies about the decentralized nature of crypto, any real impact remains to be seen. The crypto field boasts some big players like PayPal, Metaverse and Visa who have expressed intentions of investing in the sector.