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Vitalik Buterin, co-founder of Ethereum, and Charles Hoskinson, founder of Cardano, made their opinions about “pro-crypto” politicians known on Wednesday. First, Buterin released his essay titled “Against choosing your political allegiances based on who is ‘pro-crypto’”, where he expressed concerns over the increasing politicization of crypto.
This trend has gained prominence as former President Donald Trump, a leading presidential candidate for the upcoming election, has turned “pro-crypto” and received notable endorsements and contributions from major players within the industry, such as from Jesse Powell (co-founder of Kraken) and the Winklevoss twins (founders of Gemini).
Buterin’s Argument On Political Allegiances And Crypto
In his essay published on July 17, Buterin warns against the reductionist approach of supporting political candidates solely based on their crypto policies. He elaborates on the potential consequences of this strategy, emphasizing the multidimensional nature of politics and its broader implications.
Buterin states, “The game of politics is much more complicated than just ‘who wins the next election’, and there are a lot of levers that your words and actions affect.” He articulates a concern that by prioritizing cryptocurrency policy above all else, the community may inadvertently promote a political culture where mere pro-crypto rhetoric suffices to garner support, neglecting other critical policy areas.
Buterin’s argument suggests that such a narrow focus could lead politicians to perceive that their support for crypto alone can secure electoral success, which might encourage them to overlook significant issues such as privacy rights, governance ethics, and international cooperation.
Moreover, the Ethereum founder criticizes the notion of using crypto support as a litmus test for political backing. He argues, “By 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’.”
This, according to Buterin, risks simplifying the complex landscape of political issues into a single-dimensional narrative that may not align with the broader interests of the community or the ethical standards expected of public officials. Buterin challenges the community to adopt a more holistic approach to political engagement: “If a politician is pro-crypto, the key question to ask is: are they in it for the right reasons? Do they have a vision of how technology and politics and the economy should go in the 21st century that aligns with yours?”
Cardano Founder Hoskinson Responds
Reacting to Buterin’s statement, the Cardano founder presented a counter-argument that underscores the urgency of political support for crypto-friendly policies, especially given the adversarial regulatory landscape. Hoskinson’s response, articulated in a series of posts on X, defends the strategic necessity of backing candidates who oppose restrictive regulations on cryptocurrencies.
Hoskinson points out, “My first goal has always been to keep government out of crypto completely. In the places where that’s not possible, the choice is pretty clear.” He argues that in environments where government intervention is inevitable, supporting pro-crypto politicians becomes essential to protect the industry from unfavorable regulations.
“Politics is a game of cause and effect. If politicians understand that bullying and harassing our industry translates to lost elections, then suddenly, they avoid doing that. It’s not complex nor should invent massive cognitive hierarchies to excuse one’s personal distaste of particular people,” Hoskinson writes.
Furthering his argument, Hoskinson expresses strong opposition to policies that threaten the operational integrity and freedom of the crypto industry. The Cardano founder lists several adversarial actions, such as the potential development of Central Bank Digital Currencies (CBDCs), lawsuits against non-custodial wallets, and the systematic criminalization of crypto leaders.
Hoskinson emphasizes, “If they want a CBDC, sue non-custodial wallets, systematically jail the leaders of Crypto, call everyone a security, and bully and harass exchanges, then we don’t vote for them.”
The Cardano lead directly contrasts Trump’s and Biden’s attitudes towards crypto, claiming, “A vote for Biden is a vote for the death of the American crypto industry.” He also attributes a more favorable stance towards crypto to Trump because of his readiness to commute Ross Ulbricht’s sentence and a general pro-crypto rhetoric as reasons for his endorsement.
“Biden will leave him in prison for life. There are very real policy differences between Biden, who wants to destroy our industry, and Trump/Kennedy, who are embracing it, […] These statements are based upon their actual behavior in court, policy, and vetoes- not personal preference. We’ve all endured terrible things this cryptowinter. I’ve watched friends like Roger and CZ get arrested. Good businesses are demonized and sued. It has to stop, and it won’t if there aren’t political consequences. So in 2024, #VoteCrypto,” the Cardano founder concluded.
At press time, Cardano traded at $0.449.
Featured image from YouTube, chart from TradingView.com
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