NAIROBI (CoinChapter.com) — Ethereum co-creator Vitalik Buterin has advised against supporting political candidates solely for their pro-crypto stance. In a blog post, he highlighted the complexities of political dynamics and urged voters to consider broader issues.
Vitalik Buterin’s Warning
Buterin emphasized that even Russian President Vladimir Putin has shown openness to cryptocurrency, indicating that pro-crypto policies do not necessarily align with overall good governance. He urged voters to look beyond crypto policies when choosing political candidates.
Trump’s Pro-Crypto Campaign and Influential Backers
Buterin’s caution comes as Donald Trump, a self-proclaimed pro-crypto presidential candidate, addresses the Republican National Convention in Milwaukee. Venture capitalists Marc Andreessen and Ben Horowitz of Andreessen Horowitz (a16z) have announced plans to support Trump with substantial donations. On “The Ben & Marc Show,” Horowitz criticized the Biden administration, particularly the US Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC), for allegedly hindering their efforts and targeting over 30 of their companies, causing financial strain on startups.
Influence of Crypto Firms
Fairshake, a super PAC supported by top crypto firms, has become one of the highest-spending PACs this election cycle. Of the $160 million in contributions, 94% came from Ripple, Andreessen Horowitz, Coinbase, and Jump Crypto.
Buterin’s Concerns About Political Manipulation
Buterin highlighted the risks of supporting candidates merely for their crypto stance, pointing out that authoritarian governments often adopt a crypto-friendly facade. He used modern Russia as an example, warning that such support could lead to politicians manipulating crypto-friendly positions for votes.
“There is a particular style of being ‘crypto-friendly’ that is common to authoritarian governments, that is worth being wary of. The best example of this is, predictably, modern Russia,” Buterin noted.
Crypto Endorsements and Fundraising
Tesla CEO Elon Musk and venture capitalist Peter Thiel, along with crypto figures Tyler and Cameron Winklevoss, have endorsed Trump. A fundraiser in San Francisco, attended by technologists and crypto executives, raised over $12 million for Trump, with tickets costing up to $300,000 each.
Trump has made bold crypto promises, including accepting digital currency donations and pledging to protect self-custody rights. He also vowed to keep Senator Elizabeth Warren and her associates away from Bitcoin holders.
Contrasting Views on Crypto Regulation
After meeting with Bitcoin mining executives at Mar-a-Lago, Trump promised that if he returns to the White House, all future Bitcoin will be minted in the U.S. He also selected Ohio Senator JD Vance, known for supporting looser crypto regulations, as his vice-presidential pick.
In contrast, the Biden administration has taken a tougher stance on crypto, with the SEC increasing enforcement actions. This has led to perceptions of Biden as anti-crypto, allowing figures like Vance to position themselves against the current administration.
Upcoming Bitcoin Conference
Trump is scheduled to headline the Bitcoin 2024 conference in Nashville, Tennessee, on July 27, further solidifying his pro-crypto image.
Buterin’s Message
Buterin’s message serves as a reminder to consider broader political implications rather than single-issue voting, especially in the evolving landscape of cryptocurrency regulation and politics.