Vitalik Buterin: Pro-Crypto Politicians Alone Not Enough

Vitalik Buterin, Ethereum co-founder, has voiced concerns about the crypto community’s political strategies, arguing that backing candidates solely for their pro-crypto stance is inadequate. He stresses the need for political candidates to support broader values like decentralization, privacy, and technological freedom. He warns of the long-term risks in narrowing the criteria for supporting political candidates.

In a detailed blog post, Buterin critiqued the growing trend of supporting political candidates based solely on their pro-crypto stance. “I argue against this trend, and in particular, I argue that making decisions in this way carries a high risk of going against the values that brought you into the crypto space in the first place,” he wrote. He emphasized the cypherpunk ethos of technological freedom, privacy, and resistance to restrictive copyright laws. He argued that the community should support political figures who uphold these values in all areas, not just cryptocurrency.

Buterin also highlighted the risks of supporting politicians solely for their pro-crypto stance. He noted that such candidates might not share the broader ideological commitments of the crypto community, which could lead to conflicts. He advised researching politicians' past views on related topics, like encrypted messaging and copyright laws, to predict their future reliability. Buterin used Russia as an example of how pro-crypto policies can benefit the government while restricting individual freedoms. He urged the community to avoid politicians who might use crypto support to push authoritarian agendas.

Buterin’s post sparked a debate within the crypto community. Ki Young Ju, CEO of CryptoQuant, questioned the practicality of Buterin’s approach. Ju argued that political realities often necessitate supporting pro-crypto candidates. “Politicians are unlikely to grasp the cypherpunk spirit. The future of crypto will be shaped by supply and demand within capitalism under uninformed politicians and voters. Given this, isn’t it wiser to vote for crypto-friendly politicians?” Ju wrote.

Jake Chervinsky, Chief Legal Officer at Variant Fund, echoed some of Buterin’s concerns but stressed the importance of electing pro-crypto candidates for favorable policies. He suggested balancing idealism with political pragmatism to achieve tangible results. Nic Carter, general partner at Castle Island Venture, expressed comfort aligning crypto with libertarian and conservative values. He believes these align with decentralization and individual freedom. “It’s not a coincidence that the Republicans have embraced it. Their disclosed crypto platform is entirely consistent with those values. I am totally comfortable aligning bitcoin, crypto, core American values, and the contemporary Republican Party, I see no contradiction or dissonance whatsoever,” Carter opined.

Buterin’s opinion is significant, given that many industry leaders support pro-crypto candidates. In May, Charles Hoskinson, another Ethereum co-founder and founder of Cardano (ADA), urged the community to vote for crypto in the November election. Crypto's influence in the upcoming US presidential election is growing, as seen by substantial contributions to pro-crypto political efforts.

BeInCrypto reported that key industry figures, including Gemini’s Winklevoss twins, Ripple, Andreessen Horowitz (a16z), and Jump Crypto, have donated millions to Fairshake—a super political action committee (PAC) supporting pro-crypto politicians. These contributions show the crypto community’s increasing political engagement, aiming to secure favorable policy outcomes.

Vitalik Buterin’s stance challenges the crypto community to consider the broader implications of their political support. While backing pro-crypto candidates is understandable, supporting politicians who uphold decentralization, privacy, and technological freedom is crucial. This broader evaluation can help protect the long-term interests and foundational principles of the crypto industry.