Overview
An open letter authored by distinguished academics emphasizes how critical university research is to advancing cryptocurrency and blockchain innovation.
Key Points:
- Proposed budget reductions in the U.S. threaten to undermine funding for pivotal academic research, risking stagnation for future developments in the cryptocurrency field.
- The letter calls on policymakers to sustain research funding to preserve America’s edge in global scientific progress.
Open Letter Signatories
This letter was signed by:
- Dan Boneh (Stanford)
- Joseph Bonneau (NYU)
- Giulia Fanti (Carnegie Mellon)
- Ben Fisch (Yale)
- Ari Juels (Cornell)
- Farinaz Koushanfar (U.C. San Diego)
- Andrew Miller (University of Illinois at Urbana Champaign)
- Ciamac Moallemi (Columbia)
- David Tse (Stanford)
- Pramod Viswanath (Princeton)
“Algorand, Arbitrum, Avalanche, and more have roots in academic innovation.”
Translation: The innovations listed were largely developed by researchers affiliated with universities.
The State of Crypto and Research Funding
Both legislative bodies and the executive branch are aiming to nurture innovation to secure U.S. supremacy in the cryptocurrency sphere. However, alarming potential cuts in academic research funding loom. For instance, the proposed 2025 budget includes a 55% cut for the National Science Foundation (NSF). Meanwhile, countries like China are bolstering their scientific budgets.
The Pipeline for Future Innovators
As academic advisors, we witness the thinning of talent entering the field. The prospects of elevating new PhD candidates are diminishing, affecting future contributions to innovations within the cryptocurrency sector.
The Road Ahead
Renewed support for research can facilitate better education and production of seasoned technical leaders in the U.S. Thus, everybody concerned about maintaining leadership in the cryptographic world is encouraged to contact their congressional representatives urging them to back necessary research funding.
