Ultimately, I find their criticism to be very few and the same terrible ones, to be repetitive, and to be about the worst I've seen yet. Their letter starts by using gaslighting to frame cryptocurrency around fake projected motivations and then by forming requirements of financial systems that don't exist or makes sense.

Blockchain technology cannot, and will not, have transaction reversal mechanisms because they are antithetical to its base design.

Um, yes. That is a feature. They are advertised as immutable.

. Similarly, most public blockchain-based financial products are a disaster for financial privacy

Um, yes. That is a feature. They are advertised as public block chains, as you immediately follow this to ridicule them as so-called “public blockchains”,

Financial technologies that serve the public must always have mechanisms for fraud mitigation and allow a human-in-the-loop to reverse transactions; blockchain permits neither.

Um, no. This is not a required must-have. Our current legacy financial system is massively insecure and based on 1960's technology, upgraded recently with 1980's technology. This need for a middle-men, centralized control, and trusting a central authority, is only to mitigate this fundamental lack of security. This broken system eats 100's of millions USD in fraud per hour globally, an amount that rises each year.

From its inception, this technology has been a solution in search of a problem

This is demonstrably false. Its inception started with the Bitcoin Whitepaper, with an expressed problem of corruption and oppression via the banking industry. A message to this effect is embedded in the first Bitcoin epoc block as well.

They then go on with the same misleading talking points. They've really brought nothing new or tangible to the table of criticism:

• volatility - Yes, new emerging technology and markets will be volatile until adoption and market tools increase. Low volatility comes from tying the values of many things together, so that they each support each other.

• investment schemes - This is common for new technology, such as green solutions. The fear of missing out isn't new. many have lost money investing in new emerging technologies, like solar panels, wind energy, marijuana legalization, and electric vehicles.

• national security: money laundering - USD is still the largest vehicle for money laundering by a land slide. Second only to art sold by the son's of Presidents. Money that works better, will work better for everything, so eventually, crypto may someday gain on USD's massive money laundering lead.

• national security: ransomware attacks - Ransoming companies and ransomware is a very old concept. It is not at all limited to cryptocurrencies. {1} Yet, money that works better, will work better for everything.

• climate emissions from PoW - This significant emission amount is dwarfed by the enormous emissions emitted from the entire banking industry. It will also conceptually only go down and never up. Many flawed estimates had made the false assumption that this scales with transaction usage, but it does not. This PoW effort constitutes the most secure system the world has ever seen, one that no government can overpower and an amount of security no existing banking industry can come close to. It is truly a very valuable thing, for which this amount of effort, and it's emissions seems quite small and efficient to accomplish.

We ask you to take a truly responsible approach to technological innovation and ensure that individuals in the US and elsewhere are not left vulnerable to predatory finance, fraud, and systemic economic risks in the name of technological potential which does not exist

I guess these people don't have student loans, have never had their credit card defrauded, gotten a vehicle from AutoCredit, had a mortgage, paid health insurance, paid car insurance, gotten a pay-day-loan, or gotten their daily text message and email scam messages. I guess these people don't watch the news either, to see how the Congress they are imploring to and the Fed, have repeatedly made decisions without public input, which have caused systemic economic risks to them and devalued the public's wealth through inflation.