Vitalik Buterin Chips In on Direct Letter to Washington Warning about Crypto

UTC by Bhushan Akolkar · 3 min read
Vitalik Buterin Chips In on Direct Letter to Washington Warning about Crypto
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With several tech experts joining hands against crypto, Vitalik Buterin said that it pains to see that the crypto industry has turned so adversarial in the last decade.

Ethereum co-founder Vitalik Buterin took to Twitter to share his thought about the recent letter by tech giants to Washington lawmakers, lobbying against the crypto industry.

Letter from Buterin

After the recent collapse of the crypto market, regulatory bodies have been on alert mode. Recently some of the tech giants wrote an open letter to Washington asking lawmakers to be wary of crypto.

A group of tech experts and academicians urged lawmakers in Washington criticizing the crypto and blockchain space. In the letter lobbying against the crypto industry, these people wrote:

“We urge you to resist pressure from digital asset industry financiers, lobbyists, and boosters to create a regulatory safe haven for these risky, flawed, and unproven digital financial instruments”.

Although not responding directly, Ethereum co-founder Vitalik Buterin chipped in on this matter. Buterin wrote that it pains him to see that the crypto industry has turned so adversarial over the last 10-15 years. In his tweet, Buterin writes:

“A big difference between the “new idealistic movement” scene 10-15 years ago vs today is that back then it felt possible to be on all the good-guy teams at the same time. Today, much more adversarial thinking and conflict. I’ve been trying to understand.. where to from here?”

Standing Up for the Crypto Industry

Vitalik Buterin is a force to reckon with and one of the biggest supporters of the crypto industry. In the past, Buterin also tried to maintain balance between the good and the bad. Recently, after Terra’s failure, Buterin also attacked algorithmic stablecoin calling them “a propaganda term”. He also said that he wishes that Bored Ape Yacht Club NFT owners would someday fund “public goods”.

In his recent Twitter thread, Buterin also mentioned he was surprised to see tech writer Cory Doctorow siging the letter. He added that it has upset a lot of people in the crypto community who considered Doctorow thir ally. During an Ethereum Developer Conference in 2018, Doctorow delivered a speech “Decentralize, Democratize, or Die”.

In the recent letter, the crypto critics have hit out saying that crypto “will remain forever unsuitable as a foundation for large-scale economic activity”. In his recent thread, Buterin also wrote that he was sad to see the strong infighting within the crypto community.

However, Buterin is not the only person defending crypto. The letter has also drawn criticism from Bradley Rettler, a University of Wyoming philosophy professor who’s currently writing a book about Bitcoin.

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