Ethereum Co-Founder’s Warning Against ‘Pro-Crypto’ Candidates: ‘Are They In It For The Right Reasons?’

Ethereum co-founder Vitalik Buterin on Wednesday warned against choosing a candidate solely on the basis of his or her alleged “pro-crypto” stance. In a blog postButerin said it’s more important to look at a candidate’s broader policies to make sure they support cryptocurrency’s underlying goals, including internationalism and protecting private communications.

“If a politician is pro-crypto, the key question to ask is: Are they there for the right reasons?“Do they have a vision of how technology, politics and economics should evolve in the 21st century that matches yours?”

While Buterin did not mention any politicians or cryptocurrency investors by name, his comments come just a day after those from Marc Andreessen and Ben Horowitz. have given their support The founders of Andreessen Horowitz said on their podcast yesterday that Trump’s cryptocurrency regulation plan is “a complete and total endorsement of the entire industry.” These influential venture capitalists join the ranks of other notable Silicon Valley players, including Elon Musk, who endorsed Trump last week.

Additionally, the Ethereum co-founder argued that signaling that you broadly support “pro-crypto” candidates could incentivize politicians to promote the cause in bad faith. Buterin notes that authoritarian leaders, particularly in Russia, have pretended to support crypto in an effort to consolidate their power.

“It doesn’t matter if they also support banning encrypted messaging, are power-seeking narcissists, or are pushing for bills that make it even harder for your Chinese or Indian friend to attend the next cryptocurrency conference — all politicians have to do is make it easy for you to trade coins,” Buterin said.

Five years ago, the Ethereum co-founder suggested studying a “crypto-friendly” politician’s views on crypto. He says this can serve as a guide to whether the politician might change their mind in five years.

Notably, former President Trump strongly opposed decentralized tokens five years ago. tweet In July 2019, Trump said he was “not a fan of Bitcoin and other cryptocurrencies, which are not money.” In a follow-up tweet, he said, “We only have one real currency in the United States,” referring to the U.S. dollar.

But in May, Trump completely changed his stance on cryptocurrencies, becoming the first major presidential candidate to accept bitcoin donations. The Wall Street Journal reports that Trump’s cryptocurrency fundraising efforts raised $3 million in donations in the second quarter.

Source