Could Vitalik Buterin's argument affect support for pro-crypto political candidates?
|- Vitalik Buterin released a post arguing that politicians who claim to be crypto-friendly now may not support it in the future.
- Buterin highlighted many key factors that crypto represents beyond trading tokens.
- Intentions of pro-crypto politicians are becoming the subject of debate following Buterin's post.
Ethereum co-founder Vitalik Buterin made a post on Wednesday challenging the intentions of pro-crypto political candidates and the crypto community's support for them.
Buterin challenges political intentions days after pro-crypto Republican ticket
Ethereum co-founder Vitalik Buterin spoke against the rising trend of crypto community members supporting political candidates based on their claims to be pro-crypto. In a post earlier today, Buterin highlighted the ordeals accompanying such choices, indicating that this action might create "an incentive gradient."
The post resulted from increased political involvement in the crypto industry in recent years, characterized by several events, including the Markets in Crypto Assets (MiCA) regulation in the EU, stablecoin regulation efforts in the UK, and the "complicated mix of legislation and attempted regulation-by-enforcement from the Securities & Exchange Commission (SEC)."
Buterin indicates that "crypto" goes beyond the cryptocurrency and blockchain hype. He claims that most alleged pro-crypto political figures tend to overemphasize "the centrality of 'money' and the freedom to hold and spend money as the most important thing." He suggested this isn't absolute, considering crypto offers other solutions besides monetary freedom.
Furthermore, Buterin disputes what being crypto-friendly actually means among governments. He buttresses this point by suggesting that "crypto-friendly now does not mean crypto-friendly five years from now." He suggested that when a politician claims to be pro-crypto, it may be a small part of a larger intention to acquire power. Buterin also advised that siding with candidates just because they proclaim they are pro-crypto may not be ideal.
"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."
Buterin's post made rounds among several crypto community members, who, in support of his claims, have begun debating the true intentions of political candidates who claim to be pro-crypto. It’s yet to be seen how the market will react to this news.
Buterin's argument also comes less than two days after Trump declared "pro-crypto" senator JD Vance as his running mate in the upcoming presidential elections. This had previously stirred excitement among crypto community members.
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