Vivaldi's CEO Jon von Tetzchner has called for a cryptocurrency ban, citing risks to democracy and political manipulation by industry players.
Jon von Tetzchner, CEO and founder of Vivaldi, has called for a ban on cryptocurrencies, asserting that their lack of regulation enables industry stakeholders to manipulate political processes, which he views as a threat to democracy.
“We should have banned cryptocurrencies,” von Tetzchner stated, reflecting on the potential for crypto firms to influence corrupt politicians.
He emphasized that experts have long cautioned against the dangers posed by unregulated markets, noting that companies with significant financial power are equipped to sway political figures.
Von Tetzchner likened the current situation to previous regulatory oversights, such as the use of user data for targeted advertising and recommendation systems in browsers, which he believes have already harmed democratic processes.
He also drew comparisons to the artificial intelligence sector, suggesting that, like social media platforms, AI companies are now seeking regulatory frameworks due to their inability to self-regulate against harmful practices.
Continued Criticism of Cryptocurrencies
This statement aligns with von Tetzchner's ongoing critique of cryptocurrencies. In January 2022, he characterized the enthusiasm surrounding digital currencies as akin to a "pyramid masquerading as a currency." He has raised concerns regarding the volatility of cryptocurrencies, their substantial energy consumption during mining, and the absence of clear, beneficial applications.
Previously, in 2021, he advocated for a ban on surveillance-based advertising, arguing that the data-centric business models of major tech companies jeopardize democratic values and necessitate regulation.
