Vitalik Buterin Warns Against Choosing Political Allegiances Based on ‘Pro-Crypto’ Stance

Vitalik Buterin, co-founder of Ethereum, has issued a cautionary message to the crypto community, urging them to avoid choosing political allegiances solely based on a candidate’s ‘pro-crypto’ stance. In a detailed blog post, Buterin highlights the potential risks of such a narrow focus, emphasizing the importance of broader technological freedoms and underlying values that originally inspired the crypto movement.

Crypto’s Political Landscape

According to Buterin, the past few years have seen ‘crypto’ become a significant topic in political policy, with various jurisdictions considering bills to regulate actors in the blockchain space. This includes the Markets in Crypto Assets regulation (MiCA) in the EU and efforts to regulate stablecoins in the UK. In the United States, the SEC’s regulatory actions have also been noteworthy.

Buterin acknowledges that many of these bills are reasonable but expresses concerns about extreme measures, such as treating most cryptocurrencies as securities or banning self-hosted wallets. He notes a growing trend within the crypto space to support political parties and candidates based solely on their leniency towards crypto regulations.

Beyond Cryptocurrency

Buterin argues that the focus on ‘pro-crypto’ stances risks undermining the broader values that brought people into the crypto space. He points out that the original inspiration for crypto came from the cypherpunk movement, which advocated for free and open technology to protect individual freedoms. This ethos is broader than just cryptocurrency and blockchains, encompassing issues like encrypted messaging, digital identity, and privacy.

He emphasizes that the right to spend money privately and the ability to issue tokens are important but should not overshadow other technological freedoms. Buterin cites the importance of freedom and privacy of communication, privacy-friendly digital identity, freedom of thought, and high-quality access to information as equally foundational to the crypto ethos.

Internationalism and Crypto

Buterin underscores the importance of internationalism, a cause dear to many in the cypherpunk community. He highlights that cryptocurrency has the potential to flatten the global economy by extending financial freedoms to people worldwide. However, he cautions that supporting politicians who are ‘pro-crypto’ but fail to demonstrate a commitment to internationalism and broader freedoms could be counterproductive.

He shares personal anecdotes from events like EthCC, where visa accessibility issues prevented some participants from attending, emphasizing that immigration law is crucial for the international crypto community.

Long-Term Considerations

Buterin advises looking at a politician’s long-term stance on crypto and related topics. He suggests examining their views from five years ago and considering how their positions might evolve. He warns that some ‘pro-crypto’ politicians might prioritize acceleration over decentralization, potentially leading to a divergence of goals within the crypto space.

The Authoritarian ‘Pro-Crypto’ Stance

Buterin also cautions against the ‘pro-crypto’ stance common among authoritarian governments. He cites Russia’s dual approach of using crypto to evade external restrictions while imposing strict controls on domestic use. He warns that politicians who are power-seeking or willing to align with authoritarian figures could adopt similar strategies, ultimately undermining the freedoms that crypto aims to protect.

Assessing Political Support

Buterin concludes by urging the crypto community to assess politicians’ broader values and vision for the future, rather than just their stance on crypto. He stresses the importance of supporting candidates who align with the deeper goals of technological freedom and decentralization, rather than those who merely offer short-term benefits for the crypto industry.

For the full article, visit Vitalik Buterin’s blog.

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