As the 2024 U.S. presidential election looms closer, the intersection of cryptocurrency and politics has become a focal point of debate, drawing insights and opinions from influential figures within the crypto community.
Among them, Charles Hoskinson, the founder of Cardano, and Vitalik Buterin, co-founder of Ethereum, have engaged in a public discourse concerning the future trajectory of U.S. crypto policies.
In a tweet on Wednesday, Hoskinson urged the crypto community to critically assess the implications of their electoral choices on the industry’s future, expressing concerns over potential government actions that could stifle innovation.
“If they want a CBDC, sue non-custodial wallets, systematically jail the leaders of Crypto, call everyone a security, and bully and harass exchanges, then we don’t vote for them.” Hoskinson stated, adding, “…a vote for Biden is a vote for the death of the American crypto industry. In 2024, be a single issue. Vote for pro crypto candidates.”
Notably, Hoskinson, who has previously expressed his deep-seated apprehension regarding perceived governmental overreach within the crypto sector was commenting on an article penned by Buterin, where he cautioned against solely aligning political support based on candidates’ positions on cryptocurrency.
“The game of politics is much more complicated than just ‘who wins the next election’,” Buterin argued.
“By publicly supporting ‘pro-crypto’ candidates solely because of their stance on crypto, you create a scenario where politicians perceive that backing crypto is sufficient to win your support,” he added, seemingly warning that some candidates may adopt pro-crypto stances primarily to court votes.
Buterin further urged the crypto community to support candidates who genuinely push for a broader consideration of freedom and technological innovation “that goes beyond near-term concerns like ‘smash the bad other tribe’”
That said, while analysts note the potential influence of the crypto community’s engagement in the upcoming U.S. elections on candidates’ stances towards crypto regulations, uncertainty persists about which candidate will ultimately support crypto when elected, especially given the mixed histories of President Joe Biden and former President Donald Trump regarding the industry.
Notably, Ripple CEO Brad Garlinghouse recently voiced his frustration with the politicization of crypto.
“Why should innovations like crypto be subjected to a Republican vs. Democrat dynamic?” Garlinghouse questioned during a July 16 interview with Fortune, adding that it was perplexing that in the U.S. crypto has become a partisan issue.
“Elsewhere, both public and private sectors acknowledge the transformative potential of these technologies and focus on how they can enhance existing systems. Let’s strive for that kind of unity instead of being bogged down in partisan rhetoric,” he added.
