Why Science, Not Just Regulation, Is Key to US Crypto Leadership

An open letter from 10 prominent professors in the field of cryptography highlights the crucial role academic research plays in driving innovation in the crypto and blockchain industries. The professors argue that while regulatory reforms are necessary, they are insufficient on their own to guarantee US leadership in the crypto economy. Instead, they emphasize the need for continued investment in scientific research, which has been the driving force behind many groundbreaking developments in the field. The professors point to the fact that many successful crypto companies and projects, such as Algorand and Starkware, were founded by researchers with roots in academic institutions. They also note that the National Science Foundation, which provides the majority of federal funding for computer science research at US universities, is facing a 55% budget cut, which would have devastating consequences for the future of crypto innovation. The professors urge policymakers to prioritize funding for academic research, which is essential for training the next generation of scientists and engineers who will drive the crypto industry forward. They also emphasize the importance of PhD students, who are the backbone of academic research and are responsible for many of the breakthroughs in the field. The professors conclude by calling on lawmakers to support the research funding that has made US universities a hub for global scientific and technical leadership, including in the field of blockchain technology.