Updated on:12/02/2025 05:54 PM 
A coalition of prominent technology professionals has issued a formal appeal to members of the US Congress, advocating for increased cryptocurrency regulation and expressing concerns about the rapid expansion of digital assets in the financial landscape, as highlighted in a recent Financial Times report.
In their comprehensive letter, these technology specialists characterized virtual currencies as "highly speculative investment vehicles" with questionable fundamental value, while simultaneously arguing that blockchain technology fails to deliver meaningful advantages over traditional centralized systems.
Key excerpts from the correspondence include:
Among the signatories, Miguel de Icaza, a distinguished engineer from Microsoft Corporation, questioned the efficiency of blockchain technology, suggesting that equivalent computational capabilities could be achieved through centralized approaches utilizing modest hardware resources.
His specific observations noted:
Additional signatory Bruce Schneier, a respected lecturer at Harvard University, disputed common assertions made by blockchain proponents. According to his analysis, the technology does not provide the security or decentralization benefits often claimed, before elaborating that:
The communication was directed to Senate leadership and various senators who have previously demonstrated support for cryptocurrency initiatives, including Senator Patrick Toomey and Senator Ron Wyden.
This development occurs amid ongoing scrutiny of the cryptocurrency sector from regulatory authorities and public figures. Notable critics such as Senator Elizabeth Warren and international financial oversight bodies have repeatedly cautioned about potential risks associated with digital currency adoption.
Industry participants within the cryptocurrency ecosystem have presented counterarguments to the technological professionals' stance.
Bryan Ritchie, Chief Executive Officer of SIMBA Chain, emphasized how blockchain technology has facilitated innovative approaches across financial services and multiple commercial sectors. He acknowledged that while the technology remains "complex for many users," its inherent characteristics of "transparent and immutable data management" contribute to enhanced accuracy and operational efficiency.
Industry expert Pete Boyle maintains that the cryptocurrency landscape presents significant
