In a blog post published on July 17, Ethereum co-founder Vitalik Buterin voiced his concerns about the growing trend within the crypto community to support political candidates based solely on their stance towards cryptocurrencies. Buterin’s argument highlights the risks of such a narrow focus and emphasizes the broader values that originally motivated the creation of cryptocurrencies.
Buterin acknowledges that “crypto” has become an increasingly significant topic in political discourse, with various jurisdictions considering legislation to regulate blockchain activities. He mentions examples such as the Markets in Crypto Assets regulation (MiCA) in the EU, efforts to regulate stablecoins in the UK, and the regulatory actions by the SEC in the United States. While he views many of these legislative efforts as mostly reasonable, he expresses concern over extreme measures like treating almost all coins as securities or banning self-hosted wallets. These fears have driven the crypto community to become more politically active, favoring candidates who are lenient towards crypto.
However, Buterin argues against this trend, asserting that making political decisions based solely on a candidate’s crypto stance risks betraying the deeper values that drew people to the crypto space. He notes that within the crypto community, there is often an overemphasis on the centrality of money and the freedom to hold and spend it. While he agrees that financial freedom is crucial, he cautions that an exclusive focus on cryptocurrency is not aligned with the original ideology that inspired the creation of crypto.
Buterin traces the roots of cryptocurrency back to the cypherpunk movement, which advocated for free and open technology to protect and enhance individual freedoms. He recalls the early battles against restrictive copyright legislation and the importance of decentralization, citing a statement from Satoshi Nakamoto that emphasizes the power of peer-to-peer networks. Bitcoin, according to Buterin, was seen as an extension of this spirit, offering a decentralized means of online payment.
He argues that the ideology that originally created crypto was about more than just financial freedom; it encompassed a broader vision of decentralization and individual liberty. Buterin points out that there are other technological freedoms just as foundational as financial freedom, such as the freedom and privacy of communication, digital identity, and thought. He stresses that these freedoms are increasingly important as more of our lives become mediated by technology, particularly AI.
Buterin urges the crypto community to remember these broader goals and not to reduce their political engagement to a single issue. He argues that supporting a politician simply because they are pro-crypto can lead to aligning with values that contradict the foundational principles of the crypto movement. For instance, he says, a politician who supports crypto for the wrong reasons might also advocate for policies that undermine other freedoms.
He also discusses the importance of internationalism, a value dear to many in the cypherpunk community. Buterin highlights how cryptocurrency can contribute to global economic equality by providing access to financial systems for people in poorer countries. He cautions that politicians who favor protectionist policies, such as tariffs, may harm internationalism even if they are pro-crypto.
Buterin emphasizes the need to evaluate politicians on a broader set of values beyond their stance on cryptocurrency. He suggests looking at their positions on other related issues, such as encrypted messaging and digital privacy, and considering whether their overall vision aligns with the values of decentralization and individual freedom.
