- Ethereum Co-founder Vitalik warns against electing pro-crypto candidate.
- Ripple CEO calls for bipartisan approach to Cryptocurrency in United States.
As a seasoned crypto investor with years of experience in this dynamic market, I have witnessed firsthand the rollercoaster ride that comes with investing in cryptocurrencies. The recent political developments in the United States, particularly surrounding the upcoming presidential election and the stance of various candidates towards cryptocurrency, have piqued my interest.
In the United States, the crypto sector has gained significant political clout. Come later this year, a large number of cryptocurrency advocates, dealers, financiers, and owners are anticipated to participate in elections to choose the next president.
In the past year, various players in the cryptocurrency sector have placed wagers on a shift in regulatory landscape, as numerous crypto companies encountered scrutiny from bodies like the SEC. Consequently, there is considerable anticipation within the industry for a pro-crypto president.
Cryptocurrency themed 2024 U.S. presidential race
As I delve into the world of politics during the election season, it’s become apparent that former President Donald Trump is making waves in the crypto sphere. He’s embraced digital currencies by accepting donations in cryptocurrencies for his campaign and even built a personal portfolio.
Trump had been vocal and critical of cryptocurrencies for an extended period, maintaining that the US dollar held the title of the world’s premier currency. To solidify his image as a supporter of digital currencies, Trump has chosen JD Vance, a known crypto advocate, as his running mate, with plans to introduce his Non-Fungible Token (NFT) soon.
As a researcher studying the cryptocurrency market, I’ve observed an exciting development: the emergence of numerous Trump-themed meme-coins in response to Donald Trump’s influence. Moreover, the crypto community eagerly awaits Trump’s pledge to put an end to what they perceive as President Biden’s antagonistic stance towards cryptocurrencies.
However, this pro-crypto sentiment has left some key industry figures critical and advises caution.
Vitalik warns against short-term political focus on crypto
To begin with, Vitalik Buteran, the co-founder of Ethereum, has cautioned the community against blindly backing politicians just because of their stance on cryptocurrencies.
He contended that this mode of thought is inconsistent with the principles and driving forces behind the cryptocurrency revolution.
On his X page, he shared that,
“Against choosing your political allegiances based on who is “pro-crypto.”
He elaborated on his viewpoint regarding the ongoing situation in the EU and UK through his personal website. He concurred that these latest events have sparked concerns among cryptocurrency enthusiasts.
Stating that,
Amidst increasing anxieties in the cryptocurrency sphere, there’s a rising trend towards becoming more politically engaged. This involves supporting political figures and parties based primarily on their stance towards “crypto.”
He further added,
In this piece, I express my opposition to this prevailing tendency. Specifically, I caution that adhering to such decision-making methods could potentially conflict with the very principles that initially drew you towards the cryptocurrency world.
Instead of urging caution against basing cryptocurrency support solely on a politician’s current stance, he pointed out an interesting historical example: as late as 2018, the Russian administration expressed acceptance towards cryptocurrencies.
It’s intriguing when you encounter a political figure who publicly supports cryptocurrencies. To gain a deeper understanding, it’s essential to examine their fundamental beliefs. Should a clash occur, consider which camp they are more likely to align with.
Ripple CEO blasts political divide
Another notable figure in the crypto world expressing views during the cryptocurrency discourse in Washington D.C., is Ripple CEO Garlinghouse.
Garlinghouse urged the community to move past deepening divisions over cryptocurrency, suggesting instead that both sides adopt a more open stance towards it. Democrats, who generally hold an antagonistic view towards crypto, and Republicans, who tend to be more supportive, should aim for a more balanced approach.
However, he acknowledged that various democrats are changing their position.
Additionally, Garlinghouse voiced worries about the deep-rooted political discord surrounding cryptocurrencies within the US. It’s crucial that cryptocurrencies aren’t used as political pawns and that the government establishes well-defined guidelines and regulations for this sector instead.
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2024-07-18 15:08