- Ethereum co-founder Vitalik warns against electing a pro-crypto candidate.
- Ripple’s CEO calls for two-way access to cryptocurrencies in the United States.
The crypto industry has taken on a political life in the United States. Later this year, millions of cryptocurrency enthusiasts, traders, investors and holders will go to the polls to elect the next president.
Many cryptocurrency stakeholders have bet on a regime change in a year where cryptocurrency firms face the SEC and other regulators. That’s why many in the cryptocurrency industry are hoping to secure the white house for a crypto-friendly candidate.
2024 presidential race on cryptocurrency
With the election season approaching, former President Donald Trump has positioned himself as a pro-crypto candidate. Through the campaign, he accepted cryptocurrency donations and even created a cryptocurrency portfolio.
Source: X
However, Trump has long been a staunch critic of cryptocurrencies, arguing that the dollar is the only global currency. To cement his position as a crypto lover, he nominated JD Vance, a crypto advocate, as his running mate as he planned to launch his NTF.
Trump has caused a frenzy in the cryptocurrency space and many Trump-themed meme-coins have entered the market. He further promised the crypto community to end “Biden’s hatred of cryptocurrencies.”
However, this pro-crypto sentiment has made some key figures in the industry critical and advises caution.
Vitalik warns against short-term political focus on cryptocurrencies
For starters, Ethereum co-founder Vitalik Buterin warned the community against supporting politicians based solely on their stance on cryptocurrencies.
He argued that such thinking goes against the ideas of crypto and the motivations that inspired the cryptocurrency movement.
On his page, X shared that
“Against choosing your political affiliation based on who is “pro-crypto.”
He further explained this argument through his personal website. He agreed that recent developments in the EU and UK are raising concerns in the cryptocurrency community.
state that
“As a result of these concerns, there is increasing pressure in the cryptocurrency space to become more politically active and favor political parties and candidates almost entirely based on whether they are willing to be lenient and “crypto-friendly”.
He further added,
“In this post, I argue against this trend, and in particular, I argue that making decisions this way carries a high risk of going against the values that brought you into the crypto space.”
He advised the cryptocurrency community not to vote for politicians only because of their current stance, reminding them that the Russian government was open to cryptocurrencies in 2018.
“If you see a “pro-crypto” politician today, it’s worth examining their core values to see which side they’ll favor if there’s a conflict.”
Ripple’s CEO breaks down the political divide
Likewise, Ripple CEO Garlinghouse is another key figure in the crypto industry who shared views on the current political mood at a cryptocurrency roundtable in Washington, DC.
He warned the community about the continued polarization around cryptocurrencies. Garlinghouse argued that both parties should embrace cryptocurrency and not have Democrats who have an anti-crypto stance while Republicans support cryptocurrencies.
But he acknowledged that various Democrats are changing their stance.
Garlinghouse further expressed concern about the broader political divide surrounding cryptocurrencies in the United States. Cryptocurrencies should not be politicized and the government should offer clear rules and regulations to the industry.