Ethereum Co-Founder Warns About 'Pro-Crypto' Politicians Ahead of 2024 US Elections

Ethereum co-founder Vitalik Buterin is warning voters about "pro-crypto" candidates as not all future policies could be good for the industry.

In a blog post on Wednesday, Buterin advised crypto leaders to be careful in endorsing politicians for their supposed promises for the industry and should always ask "Are they in for the right reasons?"

The Ethereum co-founder, who is also its CEO, claimed the crypto firms' alliance with politicians poses a "high risk" of contradicting the industry's values that pulled many people in the first place.

Russia's Approach to Crypto May Happen in the US Too

Buterin cited the cryptocurrency market in Russia, where Ethereum also previously participated, that was used to bolster support for politicians and was later banned after the elected officials consolidated power.

Buterin claimed supporting candidates just because they declared they are "pro-crypto" would only "incentivize" politicians to make blanket promises to receive endorsements rather than push actions for the betterment of the industry.

The Ethereum co-founder did not name any politician or investor in his post, although it is worth noting the blog post came as several notable figures industry announced support for Donald Trump in the upcoming 2024 US Presidential Elections.

Trump, who previously claimed cryptocurrencies like Bitcoin and Ethereum "are not money," recently pivoted in support of the technology amid his presidential campaign.

Why are Crypto Firm Leaders Suddenly Endorsing Candidates?

It is not entirely rare for a tech firm to endorse certain politicians ahead of the election, however, the crypto industry has recently taken a more active approach in tackling the political side of the business as the voting polls inch closer.

One reason is the growing regulatory rules on the market that many crypto leaders have earlier said to be hurting the market's growth.

Declaring support for a politician that could provide certain companies more leeway has since become popular as lobbying from tech companies surges across Congress and the Senate.

Similar trends can be seen across Silicon Valley as tech leaders donate millions of dollars to super PACs backing Trump's election campaign.

Most donations were reported after one of the tech industry's notable figures, Elon Musk, openly endorsed the convicted ex-president on X (formerly Twitter).