Google, Microsoft are asking lawmakers to resist crypto lobbying. 

June 1, 2022

Google, Microsoft and 26 other tech companies are urging lawmakers to crack down on the crypto industry. 

Computer giants of 26 tech companies, including Google and Microsoft, have sent a letter to US lawmakers strongly critical of the crypto industry.

According to the Financial Times report, Harvard lecturer Bruce Schneier said that the claims of blockchain proponents are not true.

The report revealed that the number of lobbyists representing the crypto industry increased from 115 to 320 between 2018 and 2021.

The money spent on lobbying for the crypto industry has jumped from $2.2 million to $9 million in the last three years.

The largest US crypto exchange Coinbase spent $1.5 million on lobbying in 2021, the most of any crypto firm.

The letter was sent to both Republican and Democrat leaders.