Vitalik Buterin, co-founder of Ethereum, has written a blog post about the dangers of crypto-funded political statements. He says these statements harm the crypto community’s core ideas.
This is happening at a time when discussions around digital assets and related policies are still hot. Right now, they are the two top items on the agenda of both US and EU legislative initiatives.
Buterin also mentions the FIT21 Act in the US and the MiCA regulation in the EU. He says that despite their intention to regulate the industry, these might compromise some basic crypto principles.
His blog post says the crypto community should look beyond a candidate’s crypto statements.
Industry Responds to Vitalik Buterin
The crypto community has responded to Buterin’s comments. Some agree with him, like Ryan Selkis, CEO of Messari Crypto, a media company and Trump supporter.
Selkis calls out Buterin on vision, saying that as an international man, Buterin might be too ignorant about political/Hamiltonian systems and their relationship with technology.
However, some industry insiders agree with Buterin on decentralization. The fate of pump-and-dump has long divided politicians and raised concerns about over-entanglement in the political process.
Politics is Material; Cryptocurrency is Virtual
With party affiliations and lobbying changing, politicians’ views on cryptocurrencies get even more extreme, as seen in the case of Donald Trump going from negative to positive on cryptocurrencies. This is in line with the Republicans’ regulatory authority since they are known to support progressive tech policies.
The shift of Republicans on policy on blockchain and crypto can be attributed to the fact that there is a growing number of people who invest in digital currency and will be voting next election.
Another Crypto Opinion from Mark Cuban
Also, a well-known tech figure, Mark Cuban, said regulations on crypto will be a major topic of the next US presidential campaign. He said President Biden will need a new generation of crypto-invested voters to deal with the issues from traditional regulators like SEC Chairman Gary Gensler.
This is the new reality of crypto in national politics and may shape the outcome. It also means politicians will have to include crypto in their agendas as they tackle broader regulatory questions.
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