Vitalik Buterin, one of the co-founders of Ethereum, is warning against voters supporting political candidates who claim to favor cryptocurrencies without understanding the technology’s underlying goals.
In a July 17 blog post titled “Against choosing your political allegiances based on who is ‘pro-crypto,’” Buterin called on crypto users to look into candidates’ previously stated views on digital assets as an indication of where their positions might change in the future, assuming they hold them at all. He pointed out that some people running for office — without naming any specific country — have been labeled as “pro-crypto” but have not necessarily made their positions clear on privacy in communications, digital identity, and access to information.
“If you see a ‘pro-crypto’ politician today, it’s worth it to explore their underlying values, and see which side they will prioritize if a conflict does arise,” said Buterin.
The Ethereum co-founder pointed to Coinbase’s Stand With Crypto political initiative in the United States as an example. He suggested that the “key bills” the group used to measure whether a candidate was pro- or anti-crypto “made [no attempt] whatsoever to judge politicians on freedoms related to cryptography and technology that go beyond cryptocurrency.”
“If a politician is in favor of your freedom to trade coins, but they have said nothing about the topics above, then the underlying thought process that causes them to support the freedom to trade coins is very different from mine (and possibly yours),” said Buterin. “This in turn implies a high risk that they will likely have different conclusions from you on issues that you will care about in the future.”
Buterin warned that some governments with a propensity for authoritarianism took a “rules for thee and not for me” approach to crypto. He suggested that Russia supported the technology as a means to avoid economic sanctions but opposed it when it made surveillance of its citizens and enemies more difficult.
Though the Ethereum co-founder did not explicitly mention the 2024 US Elections, the timing of his post came as lawmakers gathered at the Republican National Convention to nominate Donald Trump, the party’s presidential candidate. Trump shifted his tone on Bitcoin (BTC) from a “scam” in 2021 to supporting BTC miners and accepting donations in crypto in 2024. Many political experts have speculated that he is using the technology to attract pro-crypto voters in what is sure to be a close election between the prospective Democratic candidate, US President Joe Biden.
“[B]y publicly giving the impression that you support ‘pro-crypto’ candidates just because they are 'pro-crypto,’ you are helping to create an incentive gradient where politicians come to understand that all they need to get your support is to support ‘crypto,'” said Buterin. “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.”
“[I]f a politician is pro-crypto today, but they are the type of person that is either very power-seeking themselves, or willing to suck up to someone who is, then this is the direction that their crypto advocacy may look like ten years from now.”
Buterin, born in Russia, has sometimes blogged about the state of crypto regulation in the world and political ideology concerning the technology. He has held citizenship in Montenegro since 2022 but reportedly still holds passports for Canada and Russia.