Tech attorney Preston Byrne criticized the signers, calling some of them “unafraid attention-seekers.”
The recent surge in crypto lobbying has sparked an attempt by crypto opponents in the tech space to write a letter urging regulators to counter the influence of blockchain proponents. In response, the crypto community has criticized the move and put forward counter-arguments against the content of the letter.
The letter to US lawmakers, signed by 26 tech figures, describes crypto assets as “risky, misguided and unproven digital financial instruments.” He expressed disagreement with the potential of blockchain technology and urged regulators to introduce stricter rules for cryptocurrencies.
The crypto community was not silent as many responded and expressed their disapproval of the writing and its content. Technical attorney Preston Byrne also commented on the matter. In a blog post, Byrne analyzed the letter and provided counterarguments to the signers’ allegations.
According to the lawyer, the crypto community does not need “safe haven” but regulatory certainty. The tech advocate also criticized some of the signers, calling them “outrageous attention-seekers.”
Alongside Byrne, Meltem Demirors, Director of Strategy at CoinShares, also criticized the signers, noting that they are known as “anti-crypto trolls.”
Philosophy professor Bradley Rettler also commented on the letter. According to Rettler, writing an essay needs support, and writing doesn’t support its claims. In a Twitter thread, Rettler commented in detail on the claims made by the “tech brothers”.
In a tweet, Vitalik Buterin, the founder of Ethereum, said that activist and blogger Cory Doctorow, who signed the letter, was “frustrating and confusing for many cryptocurrency supporters.” Buterin noted that many members of the community looked to Doctorow’s vision and treated him as a “fellow traveler”.
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Meanwhile, cryptocurrency lobbying efforts are increasing. Back in February, data showed that crypto lobbying spending has grown 116% annually, bringing total spending over five years to $9.5 million. The report showed that Ripple Labs topped the list of the largest lobbying spends in the US.