Cryptocurrency is becoming political. Ethereum Giant Consensys wants no part in this.

As cryptocurrencies become an increasingly partisan issue in the 2024 presidential election, what will happen to Donald Trump? Making an Overture To the Industry, President Joe Biden inclement To repeal the legislation that seeks to protect it – US crypto companies have begun spending feverishly to support the campaigns of cryptocurrency advocates across the country.

Industry majors such as Coinbase, Andreessen Horowitz, and Ripple Labs have already committed. tens of millions of dollars To influence key Senate and House races this year. Meanwhile, cryptocurrency leaders hug in public Trump acted in ways that would have been unthinkable even four years ago.

But as the cryptocurrency industry emerges as a major force in U.S. election financing, one of America’s most valuable cryptocurrency companies has decided to stay completely out of partisan politics.

consensus, 7 billion dollars The Ethereum software giant has been particularly refraining from endorsing cryptocurrency-friendly candidates in the 2024 elections. For Joe Lubin, the company’s founder and CEO, this is a deliberate choice to ensure the long-term success of the cryptocurrency industry (Disclosure: Consensys decryption).

“Politically, we wanted to remain neutral,” Rubin said. decryption. “It makes no sense for us to choose a broken party over another.”

Relying on one political party or faction to support the cryptocurrency is not as sustainable a long-term strategy as strengthening the industry’s legitimacy through the judiciary, the Ethereum co-founder believes.

“How do we get through all of this, how do we land…” “It relies on the courts,” he said.

Last month, Consensys preemptive litigation In a case against the U.S. Securities and Exchange Commission (SEC), the regulator argued that it did not have the legal authority to classify ETH as a security. held in secret The lawsuit has been public for over a year.

“Litigation with the SEC is a good platform to help people understand the benefits of technology,” Lubin said. “I don’t think you need to be politically partisan or make a political donation to be very clear and loud about this topic.”

But that’s not to say entrepreneurs have avoided politics entirely. Lubin said Consensys is having regular private conversations with politicians and regulators about the importance of cryptocurrencies to the future of the United States.

But importantly, these conversations aim to build a broad consensus on cryptocurrencies.

“We may not be visible, but we’re definitely doing the work,” Lubin said of Consensys’ political machinations.

Editor: Andrew Hayward