Bitcoin
Political support is bad for Bitcoin in the long term: Samson Mow
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Former Blockstream chief strategy officer Samson Mow believes new political support for Bitcoin could weaken its core principles and increase the risk of future failures that could harm users.
“I’m not optimistic that politicians will become pro-crypto.” It may sound good given previous hostile anti-crypto stances, but in the long run it is bad for Bitcoin,” said Mow. stated in a recent post on X.
According to Mow, political involvement potentially compromises the strength of Bitcoin. He highlighted that the change in stance could lead to similar collapses like FTX or Luna and ultimately harm the entire ecosystem.
“Without a strong Bitcoin spirit, this move just paves the way for the next FTX/Luna/Genesis and, once again, we will pay for it,” he added.
Mow’s comments follow a post by Senator Cynthia Lummis, a well-known advocate for the future of cryptography in the US.
Mow did not object to the fact that Lummis is one of the most genuine pro-Bitcoin politicians. However, he disagreed with Lummis grouping Bitcoin with other crypto assets. He he said that many people, including politicians who are becoming pro-Bitcoin, may not understand the difference between Bitcoin and other crypto assets.
Cryptography has become an increasingly influential factor in US politics in recent years, with industry bodies investing heavily in lobbying and campaign contributions to shape regulations and elect supportive representatives.
Over the past two weeks, US lawmakers have voted on three crypto-related bills, including HJRes. 109, a bill that aims to strike down SEC SAB 121 crypto ruleFIT21, a bill created to establish a regime to regulate US crypto marketsand the State CBDC Anti-Surveillance Law, legislation aimed at stop the Federal Reserve the issuance of a central bank digital currency (CBDC).
The most notable development is that the Biden administration has softened its stance on encryption. Instead of threatening a veto FIT21, what the White House did with HJRes. 109, just expressed concerns about the lack of investor protection.
Some experts and industry figures suggest that the recent approval of listing of spot Ethereum exchange-traded funds (ETFs) in the US may be partially influenced by political considerations.
They speculate that the US Securities and Exchange Commission’s (SEC) decision may have been impacted by potential pressure from the Biden administration, which has long faced criticism for its stance on crypto regulation.
Observers believe that these measures are part of a strategy to win votes in the upcoming presidential elections, especially since Donald Trump, Biden’s biggest competitor, has publicly advocated making the US a crypto leader. Trump also intends end hostility towards the industry.
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