As political scene heats up in the U.S., key figures in the cryptocurrency sector warns against political divide around crypto.
- Ethereum Co-founder Vitalik warns against electing pro-crypto candidate. Ripple CEO calls for bipartisan approach to Cryptocurrency in United States.
The crypto industry has taken a political life in the United States. Later this year, millions of cryptocurrency enthusiasts, traders, investors, and holders will go to the poll to elect another president.
Many crypto stakeholders have been betting on a regime change in a year that has seen cryptocurrency firms face the SEC and other regulators. Therefore, many in the cryptocurrency industry hope to secure the white house for a crypto-friendly candidate.
Cryptocurrency themed 2024 U.S. presidential race
As the election period closes, former President Donald Trump has positioned himself as a pro-crypto candidate. He has accepted cryptocurrency donations through the campaign trail and even made a cryptocurrency portfolio.
Source: X
However, Trump was a staunch critic of cryptocurrency for long, arguing that the dollar is the only global currency. To cement his position as a cryptocurrency lover, he has nominated JD Vance, a crypto advocate, as his running mate while planning to launch his NTF.
Trump has caused a frenzy in the cryptourrency space, with many Trump-themed meme-coins entering the market. Further, he has promised the crypto community to end “Biden hatred for cryptocurrency.”
However, this pro-crypto sentiment has left some key industry figures critical and advises caution.
Vitalik warns against short-term political focus on crypto
For starters, Ethereum Co-founder Vitalik Buterin has warned the community against supporting politicians solely based on their cryptocurrency stand.
He argued that such thinking goes against the ideas of crypto and the motivations that inspired the cryptocurrency movement.
On his X page, he shared that,
“Against choosing your political allegiances 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 increasing fears within the cryptocurrency community.
Stating that,
“In the wake of these fears, there is a growing push within the cryptocurrency space to become more politically active and favor political parties and candidates almost entirely on whether or not they are willing to be lenient and friendly to “crypto.”
He further added,
“In this post, I argue against this trend, and in particular, I argue that making decisions in this way carries a high risk of going against the values that brought you into the crypto space in the first place.”
Advising the cryptocurrency community against electing politicians solely because of their current stand, he reminded them that the Russian government was open to crypto in 2018. Stating that,
” If you see a “pro-crypto” politician today, it’s worth exploring their underlying values, and seeing which side they will prioritize if a conflict does arise.”
Ripple CEO blasts political divide
Equally, Ripple CEO Garlinghouse is another key figure in the crypto industry who shared opinions on the current political mood at a cryptocurrency roundtable in Washington, D.C.
He warned the community against continued polarization around cryptocurrency. Garlinghouse argued that both parties should embrace cryptocurrency and not have Democrats who have an anti-crypto stand while Republicans support cryptocurrency.
However, he acknowledged that various democrats are changing their position.
Further, Garlinghouse expressed concerns over the broader political division around crypto in the United States. Cryptocurrency should not be politicized, and the government should offer clear rules and regulations for the industry.
Take a Survey: Chance to Win $500 USDT
Next: Can XRP maintain its 45% gains? Insights from price charts show…
Source