Blockchain researcher and investor William Mougayar has defended the Ethereum Foundation (EF), stating that the organization is "doing exactly what it was created to do."
— William Mougayar (@wmougayar) May 24, 2026
In an essay titled "Leave the Foundation Alone," the author of "Blockchain for Business" wrote:
"This is not a corporation. It was never meant to be one. The sooner the market accepts this, the sooner the noise around it will cease to matter."
Mougayar's comments come amid growing criticism of the EF due to weak ETH performance, the foundation's coin sales, and accusations of inadequate support for the ecosystem.
Mougayar emphasized that the organization should not be focused on promoting the cryptocurrency's price or engaging in institutional marketing for the network.
"The Ethereum Foundation does not market ETH, does not pump your portfolios, and does not conduct roadshows for institutions — that is not its function," he wrote.
The Foundation is on a Path of 'Self-Reduction'
According to Mougayar, the Ethereum Foundation is intentionally aiming to become less significant to the ecosystem over time, rather than exerting more control over it.
He noted that the organization:
- funds fundamental research;
- develops scaling solutions;
- works on privacy;
- explores post-quantum resilience;
- improves Ethereum's compatibility with AI;
- supports standards for developers.
The researcher compared the community's complaints about the Ethereum Foundation to expecting the IETF to buy advertising for the TCP/IP protocol during the Super Bowl.
Mougayar also urged a distinction between three different entities: ETH (as a cryptocurrency), Ethereum (the infrastructure), and EF (the organization). In his view, conflating these concepts leads to misguided expectations and "incorrect forecasts."
It is worth noting that in March, the EF published an updated mandate that established the principle of minimal intervention in the network's development.