Vitalik Buterin warns against supporting politicians solely based on their pro-crypto stance Vitalik Buterin warns against supporting politicians solely based on their pro-crypto stance
Buterin warned that engaging in such support can eventually undermine the fundamental values "that brought you into the crypto space in the first place."
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Updated: Jul. 18, 2024 at 12:45 am UTC
Photo by Romanpoet / CC BY-SA 4.0 | Wikimedia. Remixed by CryptoSlate
Ethereum creator Vitalik Buterin cautioned the crypto community against supporting politicians solely based on their pro-crypto statements and expressed particular concern over a lack of support for “internationalism.”
Buterin made the statements in a July 17 blog post, where he highlighted the “growing push” for members of the crypto space to become more political amid concerns about crypto regulation in the EU and US. He added that this has created “pressure” to support candidates and parties based on whether they are willing to take “lenient and friendly” positions on crypto.
Buterin warned that engaging in such support can eventually undermine the fundamental values “that brought you into the crypto space in the first place.” He added that crypto-friendly politicians could change their stance quickly and urged individuals to research politicians’ shift in policy from five years earlier.
Buterin said to ensure pro-crypto politicians are “in it for the right reasons” and determine whether their long-term goals “go beyond smash[ing] the bad other tribe.” He concluded that “if they do, then great” but emphasized the importance of clearly expressing one’s reasons for support.
Immigration key issue
Buterin identified internationalism, or access and involvement across borders, as a key issue for the crypto industry. He said that many politicians fail to show “care for the outside world” and extended his criticism to politicians’ lack of support for immigration.
According to Buterin:
“The crypto industry is uniquely international, and so immigration law is crypto law. Which politicians, and which countries, recognize this?”
He added that ease of visa access has already impacted attendance at industry events in recent years and called for more attention on the issue.
Buterin further stated that supporting politicians only on the basis of their pro-crypto stances will make them neglect their broader positions on critical issues. He wrote:
“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.”
Harmful regulation
Buterin asserted that most regulation currently harms both acceleration and decentralization, limiting development while concentrating power within the sector, but said the two trends could diverge.
He linked the concepts of acceleration and divergence to Russia’s supposedly crypto-friendly stance, arguing that the country’s government is advancing the use of crypto to avoid outside restrictions even as it opposes individual use of crypto inside the country.
Buterin tied the concept back to long-term policies, arguing that politicians with immediate pro-crypto policies can be either “very power-seeking themselves, or willing to suck up to someone who is.” He warned that their policies can follow the same trajectory toward power concentration.
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Mike Dalton
Before transitioning to crypto writing in 2018, Mike studied library and information sciences. Currently, he resides on Canada's West Coast.
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