Ethereum co-founder Vitalik Buterin is facing an almighty backlash.
In a blog post, he urged the community not to determine their political allegiances based on which politicians are “pro-crypto.”
And while Donald Trump wasn’t mentioned by name in the piece, it’s pretty obvious who he was talking about.
The Republican presidential nominee, along with his new running mate JD Vance, have been lobbying to win the support of Bitcoiners.
That’s led to some pretty high-profile donations from deep-pocketed industry heavyweights, including the Winklevoss twins.
But Buterin’s argument is that saying you’re pro-crypto is not enough, and careful attention needs to be paid as to whether such candidates back this movement’s “deeper underlying goals.”
As examples, he pointed to encrypted messaging, privacy-friendly digital identities, and high-quality access to information.
The programmer’s post also asked crypto owners to think about their ideals and beliefs beyond the digital assets space. He said those who care about freedom should reflect on whether a politician would allow them to have the family they want, and people who are passionate about equitable economies should champion a rise in affordable housing.
Buterin also said that policies in other areas have a direct impact on the crypto space — not just whether a candidate likes Bitcoin or not. He pointed to the rise of economic tariffs, and how several of his friends were unable to attend EthCC because they couldn’t get a visa for the trip to Brussels.
“The crypto industry is uniquely international, and so immigration law is crypto law,” Buterin wrote. “Which politicians, and which countries, recognize this?”
Reading between the lines, his point is this: Trump may liberalize the laws surrounding digital assets but he could simultaneously take certain freedoms away. And given this was a man who was fiercely critical of BTC just a few short years ago, there are no guarantees that he’ll be singing the same tune by the end of the decade.
Buterin went on to bring up Russia as an example, and said authoritarian regimes often end up having a “particular style of being ‘crypto-friendly.’” While the government there has acknowledged that digital assets could help them sidestep economic sanctions, it would also make it difficult to restrict or monitor the transactions made by the people.
And he stressed that the current climate could prompt politicians to simply declare they’re “pro-crypto,” without meaning it, to win the support of the community.
“It doesn’t matter if they also support banning encrypted messaging, if they are a power-seeking narcissist, or if they push for bills that make it even harder for your Chinese or Indian friend to attend the next crypto conference — all that politicians have to do is make sure it’s easy for you to trade coins,” Buterin wrote.
Wrapping up his post, Buterin said voters need to ask whether “pro-crypto” candidates are in it for the right reasons — and if they’re not, they must find “better forces to align with.”
As you might expect, his musings lead to a X pile-on, and an impassioned defense of Trump.
Jake Chervinsky, the chief legal officer of the Variant Fund, wrote: “Good crypto policy requires electing pro-crypto candidates, period. Political reality beats idealism every time.”
You make some solid points here. Too many people will read the headline as “vote Biden!” and miss the rest.
That said, overall, much of this seems too clever by half. Good crypto policy requires electing pro-crypto candidates, period. Political reality beats idealism every time.
— Jake Chervinsky (@jchervinsky) July 17, 2024
And Hillary Adler, the co-founder of BitcoinOS, told Cryptonews:
“As a Libertarian and staunch advocate for financial freedom, I believe supporting pro-crypto politicians is crucial. Cryptocurrency represents a fundamental right to financial privacy and autonomy from government control. While other issues matter, a candidate’s stance on crypto serves as a litmus test for their commitment to individual liberty and free markets. We must prioritize and rally behind politicians, both Republicans and Democrats, who understand and champion the revolutionary potential of crypto to challenge the status quo and empower citizens. Full stop.”
Fellow Ethereum co-founder Charles Hoskinson argued that there’s much more at stake — with Trump vowing to commute the life sentence of Silk Road founder Ross Ulbricht if he is re-elected in November.
Describing the past four years under Joe Biden as “nearly four years of hell, lies and gaslighting,” he warned: “Their re-election would translate to the death of the American cryptocurrency movement via a mass exodus of businesses, regulation through enforcement, and massive government overreach to non-custodial wallets, stake pools, and the mining industry.”
My first goal has always been to keep government out of crypto completely. In the places where that’s not possible, the choice is pretty clear. If they want a CBDC, sue non-custodial wallets, systematically jail the leaders of Crypto, call everyone a security, and bully and… https://t.co/T7qZwPdJPA
— Charles Hoskinson (@IOHK_Charles) July 17, 2024
Buterin’s post is a perfect illustration of how fractured and divided America is right now — a powerful show of how many voters are intolerant of views that differ from their own.
From conflicts in Gaza and Ukraine, to climate change and immigration, Biden and Trump have incredibly divergent views when it comes to policy. Beyond crypto, there’s a lot at stake.
The post Is Vitalik Buterin Right About Pro-Crypto Politicians? appeared first on Cryptonews.
