Ethereum co-founder warns against ‘pro-crypto’ candidates: ‘Are they in it for the right reasons?’

Ethereum co-founder Vitalik Buterin issued a warning on Wednesday not to select a candidate based solely on whether or not they are “pro-crypto.” In a blog post, Buterin said it is more important to examine a candidate’s broader policies to ensure they support the underlying goals of cryptocurrencies, including internationalism and the security of private communications.

“If a politician is in favor of crypto, the main question to ask is: Are they in it for the right reasons?“Does he have a vision for technology, politics, and the economy in the 21st century that matches yours?” Buterin wrote.

While Buterin didn’t name any politicians or crypto investors, his comments come just a day after Marc Andreessen and Ben Horowitz threw their support to former President Donald Trump in the 2024 presidential election. The Andreessen Horowitz founders noted in a podcast yesterday that Trump’s crypto regulation plan is “a clear endorsement of the entire sector.” The influential venture capitalist joins the ranks of other notable Silicon Valley players, including Elon Musk, who endorsed Trump last week.

Furthermore, the Ethereum co-founder argued that signaling support for “pro-crypto” candidates could encourage politicians with bad intentions to promote the cause. Buterin noted that authoritarian leaders, particularly in Russia, have claimed to support crypto in an effort to consolidate power.

“It doesn’t matter if they also support banning encrypted messaging, if they’re power-seeking narcissists, or if they push bills that make it even harder for your Chinese or Indian friend to attend the next crypto conference — politicians just want to make sure it’s easy for you to trade coins,” Buterin said.

The Ethereum co-founder suggests looking at a “crypto-friendly” politician’s views on crypto five years ago. He says this can guide whether the politician might change their position five years later.

Notably, former President Trump strongly opposed decentralized tokens five years ago. In a July 2019 tweet, Trump said he was “not a fan of Bitcoin and other cryptocurrencies, which are not money.” In a follow-up tweet, he added that “we only have one real currency in the USA,” referring to the United States dollar.

But in May, Trump completely reversed his stance on cryptocurrencies, becoming the first major presidential candidate to accept bitcoin donations. The Wall Street Journal reports that Trump’s crypto fund-raising efforts collected $3 million in donations in the second quarter.