Cardano Founder Challenges Buterin’s Views On Pro-Crypto Politicians

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As a long-term crypto investor and observer of the industry, I strongly agree with Vitalik Buterin’s perspective on choosing political allegiances based on crypto policies alone. I have witnessed the evolution of this space since its inception, and I can attest to the multifaceted nature of politics and their broader implications.

Vitalik Buterin, one of Ethereum‘s co-founders, and Charles Hoskinson, the founder of Cardano, publicly shared their views on the role of “pro-crypto” politicians during a recent event on Wednesday. In his essay titled “The Case Against Supporting Politicians Based on Their Stance on Crypto,” Buterin raised concerns over the growing politicization of cryptocurrencies.

The pro-crypto stance of former President Donald Trump, a significant contender in the upcoming presidential election, has garnered increased attention. Notably, Trump has earned endorsements and financial support from influential figures in the cryptocurrency sector, including Jesse Powell, co-founder of Kraken, and the Winklevoss twins, who founded Gemini.

Buterin’s Argument On Political Allegiances And Crypto

In his essay released on July 17th, Buterin cautions against relying on a candidate’s cryptocurrency stance alone when making political choices. He delves into the possible repercussions of such a narrow focus, highlighting the complexity of politics and its far-reaching consequences.

Buterin expresses his view that politics is more intricate than merely winning an election and that there are various factors influenced by our actions and statements. He raises a concern that an excessive focus on cryptocurrency policies might inadvertently foster a political climate where mere pro-crypto language garners approval, while important policy areas are overlooked.

Buterin’s perspective raises a concern: If politicians zero in too much on crypto, they may believe that backing it is sufficient for election victory. Consequently, they could disregard essential matters like privacy, ethical governance, and global collaboration.

In addition, Vitalik Buterin, Ethereum’s founder, opposes the idea of assessing political allegiance based on cryptocurrency backing. He contends that endorsing “pro-crypto” politicians solely because they are pro-crypto can inadvertently encourage politicians to believe that securing your support hinges solely on their stance towards crypto.

According to Buterin, there’s a risk that political issues related to cryptocurrency may be oversimplified into a one-dimensional narrative. This simplification might not reflect the multifaceted interests of the community or the ethical guidelines for public figures. Instead, Buterin urges the community to adopt a more comprehensive perspective when engaging with politicians: “When evaluating a politician’s stance on cryptocurrency, consider their motivations and whether their vision for technology, politics, and economics in the 21st century aligns with yours.”

Cardano Founder Hoskinson Responds

In response to Buterin’s remarks, Hoskinson argued forcefully for the importance of political backing for crypto-friendly regulations. Given the hostile regulatory environment, his case, made in a series of posts on X, emphasized the need to support candidates who advocate for lenient cryptocurrency regulations.

Hoskinson emphasizes that his primary objective has always been to keep governments away from cryptocurrencies entirely. However, he acknowledges that complete government exclusion is not feasible in all cases. In such situations, he advocates for backing politicians who are sympathetic to crypto to shield the industry from unwanted regulations.

Politics involves a continuous cycle of actions and reactions. If politicians recognize that intimidating and harassing specific industries results in voter backlash and ultimately leads to lost elections, they are more likely to refrain from such behavior. This doesn’t require intricate explanations or elaborate justifications based on personal biases towards certain individuals.

Hoskinson passionately disagrees with policies that could undermine the functionality and autonomy of the cryptocurrency sector. He points out several contentious moves, including the possible creation of Central Bank Digital Currencies (CBDCs), legal actions against non-custodial wallets, and a systematic crackdown on crypto innovators.

Hoskinson strongly advocates that if governments aim to introduce a Central Bank Digital Currency (CBDC), they should consider suing non-custodial wallets, systematically arresting crypto leaders, labeling every cryptocurrency as a security, and intimidating exchanges as alternative measures. However, such approaches will not gain the community’s support. Instead, we should elect representatives who embrace the potential of digital currencies and collaborate for their successful implementation.

The Cardano contrasts Trump’s and Biden’s views on cryptocurrency sharply, stating that supporting Biden means the demise of the American crypto industry. The Cardano credits Trump’s more favorable stance towards crypto to his willingness to reduce Ross Ulbricht’s sentence and his overall pro-crypto rhetoric as grounds for endorsing him.

I’ve witnessed firsthand the harsh realities of the crypto world during this long and grueling “crypto winter.” Friends like Roger and CZ have been unjustly arrested, good businesses have faced unfair demonization and lawsuits. It’s a reality that goes beyond personal preference or political leanings. Based on their actions in court, policies, and vetoes, there are significant differences between leaders like Biden who seem intent on destroying our industry, and figures like Trump and Kennedy who are embracing it.

At press time, Cardano traded at $0.449.

Cardano Founder Challenges Buterin’s Views On Pro-Crypto Politicians

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2024-07-18 15:04