Pressure On Regulators To Come Up With A Viable Framework For Cryptocurrencies As 21 Advocates Write Joint Letter To Lawmakers

Although the crypto and blockchain sector is expanding at an extraordinary rate and decentralized finance is being adopted just about everywhere as a viable substitute for traditional finance, several authorities have nevertheless adopted quite the critical stance toward the industry. This has resulted in various groups worldwide advocating for the adoption as well as fair regulation of digital assets like cryptocurrencies and NFTs.

Among these groups includes 21 human rights advocates from 20 different countries who have collectively written a letter to U.S lawmakers defending cryptocurrencies and praising their role in societies across the globe as we move closer to the inevitable Web 3.0 era.

Is Bitcoin really the future?

According to the letter, Bitcoin (BTC) facilitates financial inclusion as well as equality as it is open, transparent, accessible and permissionless. The advocates believe that the flagship crypto is available to anyone on the planet and that both Bitcoin and various stablecoins provide unprecedented access to the global economy for a variety of different groups in numerous countries such as Argentina, Nigeria and Turkey, all of which are nations where local currencies are on the brink of collapse.

As per the letter, these activists have apparently committed their lives to the fight for liberty and democracy. In this struggle, they, like countless others living under authoritarian regimes as well as unstable economies, have depended on BTC and stablecoins to survive. The most recent example of this, according to them, would be the ongoing crisis in Ukraine.

Is everyone on board?

Moreover, the letter says that it is now crucial to take an expansive, ethical and empathetic approach regarding monetary tools and digital assets which are increasingly playing a key role in the lives of countless people facing financial difficulties and political repression around the world.

However, it should be mentioned that this letter is in fact a rebuttal to another written a week prior by a group of more than 1,500 computer scientists who urged lawmakers to not give in to pressure from digital asset industry financiers, lobbyists, and supporters to create a regulatory safe environment. This is because these digital assets are, in their opinion, risky, unreliable, flawed and relatively unproven as far as longevity is concerned in addition to also lacking real-world use cases.

At any rate, both letters showed up at a period when Congress is debating legislation to regulate digital assets and lawmakers are actively proposing regulatory frameworks for cryptocurrency markets. The world looks to those in charge to take initiative as the United States seeks to set an example for the rest of the world. Only time will tell what the regulatory outcome will be.