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Former Blockstream chief strategy officer Samson Mow believes renewed political support for Bitcoin could undermine its core principles and increase the risk of future failures that could harm users.
“I am not optimistic about politicians becoming pro-cryptocurrency. This may feel good considering our previously hostile anti-crypto stance, but it is not good for Bitcoin in the long run,” Mow said in a recent post on X.
According to Mow, political interference potentially undermines Bitcoin’s strength. He pointed out that a change in stance could lead to a similar collapse like FTX or Luna, ultimately harming the entire ecosystem.
“Without a strong Bitcoin spirit, these changes will only pave the way for the next FTX/Luna/Genesis and once again we will pay the price for this,” he added.
Mow’s comments follow a post by Senator Cynthia Lummis, known for advocating for the future of cryptocurrencies in the United States.
Mow did not object to the fact that Lummis is one of the most truly pro-Bitcoin politicians. However, he disagreed with Lummis grouping Bitcoin with other cryptocurrency assets. He said many people, including politicians who support Bitcoin, may not understand the differences between Bitcoin and other cryptocurrency assets.
Cryptocurrencies have become an increasingly influential factor in U.S. politics in recent years, with industry players investing heavily in lobbying and campaign contributions to shape regulation and elect sympathetic representatives.
Over the past two weeks, US lawmakers have voted on three cryptocurrency-related bills, including HJRes. SAB 121, a bill aimed at overturning the SEC’s cryptocurrency regulations, FIT21, a bill designed to establish a framework to regulate the U.S. cryptocurrency market, and CBDC, a bill to prevent the Federal Reserve from issuing central banks. Anti-Surveillance State Act Digital Currency (CBDC).
The most notable development is that the Biden administration has softened its stance on cryptocurrencies. Instead of threatening a FIT21 veto, which the White House did over HJRes. 109 only expressed concern about the lack of investor protection.
Some experts and industry figures suggest that the recent approval of a spot Ethereum exchange-traded fund (ETF) listing in the United States may have been partly influenced by political considerations.
They speculate that the U.S. Securities and Exchange Commission’s (SEC) decision may have been influenced by potential pressure from the Biden administration, which has long been criticized for its stance on cryptocurrency regulation.
Observers believe the move is part of a strategy to garner votes in the upcoming presidential election, especially since Biden’s biggest rival, Donald Trump, has publicly advocated making the United States a cryptocurrency leader. Trump also aims to end hostility toward the industry.
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