Haters unite at the first conference for cryptoskeptics

by · July 3, 2022

In the midst of crypto’s latest bear market, opponents of industry and asset classes have gathered to share their skepticism and network with lawmakers at their own anti-crypto conference.

While most cryptocurrencies exist to promote the latest developments at the forefront of the industry, cryptocurrency critic Amy Castor said in her blog post on July 3 that the Crypto Policy Symposium promises a way for dissatisfied no-sayers to say their negativity.

Author and symposium organizer Stephen Diehl explained to Castor that this first major anti-crypto event aims to give society a way to talk directly to decision makers about how they think the crypto industry should be handled.

“The main goal of the symposium, as Diehl explained it to me, is to give decision makers access to the information and material they need to make informed decisions about cryptoregulation.”

A common perception among skeptics such as Castor and crypto-supporters is that government officials lack a solid basic understanding of how cryptocurrency works. As Castor notes, government officials are “uninformed.” The similarities may end there as advocates want to highlight the benefits of technology and industry. In contrast, skeptics would point out the disadvantages, such as what Castor called “the current DeFi domino collapse.”

Castor complained that decision-makers mainly hear from “deep-pocket crypto companies with a lot of venture capitalist support” that can skew their political decisions. Despite her assessment, it still seems quite difficult for the crypto industry to move forward in many jurisdictions, such as New York State, where a Bitcoin (BTC) mining ban threatens.

In China, where mining and crypto-transactions are outright banned, and in Australia, where crypto-financial services are still frozen by regulators, progress is also slow or non-existent.

Related: Experts are considering EU MiCa crypto regulations

Members of public regulatory and financial agencies from the United States and Europe are invited to attend the event. However, it is unclear whether any government officials have been confirmed as guests. Only journalists, software engineers and various professors are confirmed speakers.

The symposium will take place in London and will be broadcast live on 5 and 6 September.