As the U.S. election approaches, crypto OGs debate the impact of politicization on the industry
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As the U.S. election approaches, crypto OGs debate the impact of politicization on the industry
Satoshi may never have imagined that Bitcoin, designed to resist centralized authority, would instead become an important tool for politicians to seize power.
Navigating Web3 tides with focused insightsAuthor: Fu Ruheshi, Odaily Planet Daily
As the U.S. election approaches, how the crypto industry aligns itself has become a focal point of industry attention.
Earlier, Ethereum co-founder Vitalik Buterin published an article opposing voting for presidential candidates simply because they support the crypto industry, urging people to return to the original ideals that brought them into crypto—a move that stirred widespread debate and prompted responses from multiple blockchain project founders. Later, Ryan Selkis, CEO of Messari, posted inflammatory remarks "blindly" endorsing Trump, sparking controversy and ultimately leading to his resignation.
Odaily Planet Daily compiles recent statements regarding alignment in the U.S. election and analyzes their underlying implications.
Among the many voices, who is truly thinking about the future of the crypto industry?
Ethereum co-founder Vitalik Buterin wrote on the 18th that he opposes making political voting decisions based solely on whether a candidate supports crypto. Supporting a politician should be based on their entire platform and views, not merely on their stance toward cryptocurrency.
“The crypto space is becoming increasingly active in politics, almost entirely supporting parties and candidates based on their willingness to be lenient and friendly toward crypto. But decisions made this way may well contradict the values that originally drew you into crypto. In the crypto world, there's often an excessive focus on the centrality of money and the freedom to hold and spend it (or tokens). Bitcoin is seen as an extension of libertarian ideals into internet payments.”
Vitalik urges crypto voters to return to their original motivations and not vote based on a candidate’s current stance on crypto. He warns that just because a candidate appears friendly toward crypto now doesn’t mean they will remain so five years from now.
Cardano founder Charles Hoskinson rebutted Vitalik's argument, stating: “My primary goal has always been to keep government as far away from crypto as possible. But when that goal proves unattainable, the remaining choices become very clear. If governments continue excessive regulation, we shouldn't vote for them… Voting for Biden is voting for the demise of the U.S. crypto industry. For this reason, we should support candidates who are pro-crypto.”
Clearly taking a pragmatic approach, Cardano founder Charles Hoskinson prioritizes the immediate development of the crypto industry—arguing that rather than vote for candidates opposed to crypto, it’s better to focus on the present and back those supportive of cryptocurrencies.
Ava Labs founder and CEO Emin Gün Sirer voiced support for Vitalik’s position: “I agree with Vitalik: our choices must be based on principled grounds related to candidates’ stances on individual liberty. Superficial support shifts constantly for electoral gain, but politicians eventually revert to their true selves. Beyond individual liberty versus authoritarianism, there are many other dimensions to principle.”
Some prominent figures have expressed hope that both parties can reach consensus on crypto.
Ripple CEO Brad Garlinghouse questioned why innovation aimed at reducing costs and increasing efficiency should be politicized. He condemned partisan divides in crypto innovation, particularly criticizing Senator Elizabeth Warren’s portrayal of cryptocurrency as a tool for illegal activities. Garlinghouse called for bipartisan cooperation to fully realize the benefits of crypto.
Bitcoin Magazine CEO David Bailey posted: “The media tries to discredit Trump’s support for Bitcoin by highlighting donations from the crypto industry to his campaign. But what they fail to realize is that the crypto industry is showing the world—if you collaborate with us, we’ll strongly back you; otherwise, we’ll end your career. After this election, Bitcoin will receive bipartisan support in the U.S. out of political necessity.”
Whether focused on immediate realities or long-term concerns, these differing viewpoints reflect distinct starting points and considerations. Compared to such rational discourse, some crypto OGs have displayed excessive fervor over the election.
Messari founder Ryan Selkis repeatedly posted extreme pro-Trump statements on social media, including: “Anyone voting against Trump at this moment might die in a fire” and “The civil war in this country starts today—if you oppose Trump, you’re opposing those willing to fight.”
Suji Yan, founder of Mask Network, commented on Ryan’s behavior: “This is utterly foolish. We will cease all potential business dealings with Messari and stop attending their events. We’ll also advise our partners and portfolio companies to think twice before collaborating with them.”
Under public pressure, Ryan set most of his controversial posts to private. Messari’s leadership engaged in discussions with him, culminating in his resignation.
Conclusion
From the above statements by crypto OGs, political polarization is frequently mentioned—especially in Vitalik’s article, where he calls for returning to the初心 (original intentions) of joining the crypto space, rather than supporting candidates due to short-term political inclinations.
The U.S. election has merely highlighted the growing politicization of the crypto industry. In recent years, crypto has gradually become one of the arenas through which politicians vie for power. Seeing the wealth generated by the sector and the rising number of crypto voters, politicians who once dismissed or criticized crypto now embrace it to secure votes and financial backing. Meanwhile, some industry participants also hope to help elect officials sympathetic to crypto to ensure its current development.
Back on the day Bitcoin was born, Satoshi Nakamoto probably never imagined that a currency designed to resist centralized authority would become a key instrument in politicians’ pursuit of power.
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