Simply put
- The White House’s reaction to Alex Preti’s death has upset some Bitcoin advocates.
- Many view the incident as related to Second Amendment rights.
- The cryptocurrency community has roots in libertarian ideals.
The crypto sector has generally supported US President Donald Trump and his aim to establish the US as the “crypto capital of the world.” However, in light of last weekend’s shooting in Minneapolis, some members have distanced themselves from his administration.
Following the shooting by Border Patrol agents that resulted in the death of American citizen and legal observer Alex Preti during protests against immigration policies, voices like Bruce Fenton emerged to contest statements made by White House Deputy Chief of Staff Stephen Miller, who suggested Preti acted as a “potential assassin.”
In a post on X, Fenton, a cypherpunk and CEO of Chainstone Labs, criticized the White House for what he views as infringement on First and Second Amendment rights, calling the administration’s response an attack on civil liberties.
Politics often leads people to compromise their principles and ignore the truth. The Trump administration and its supporters made a significant error in attacking the Second Amendment and rushing to defend ICE without doing their homework.
— Bruce Fenton (@brucefenton)
Preti was legally armed, but it seems his weapon was taken during the altercation before his death. Fenton also expressed dissatisfaction with Secretary of State Scott Bessent, who questioned Preti’s right to carry a firearm during a recent broadcast.
“I don’t even want to associate with Republicans right now,” Fenton noted. “Your rights are your rights.”
Fenton has been involved with Bitcoin for over a decade, and his beliefs stem from an era when cryptocurrencies were closely tied to libertarianism. Some libertarians argue that digital currencies can foster resistance to censorship and enhance financial independence.
On the matter of the ICE involvement, Ethereum co-founder Vitalik Buterin warned of the potential long-term impacts of actions by ICE officers, suggesting that the police state is expanding its reach.
David Marcus, CEO of Superstate, remarked that no matter the intentions of protesters, the killing of a citizen in the street is unacceptable.
“Marriage of convenience”
A year ago, Trump acknowledged his role in the libertarian movement while making a campaign promise related to Ross Ulbricht, the founder of Silk Road, who has been imprisoned for over a decade.
While libertarians initially celebrated Trump’s actions, the shooting’s aftermath seems to reveal limits to their support, according to John Deaton, a pro-XRP attorney. He remarked on the struggles faced by hardcore Bitcoin supporters when they start to question Second Amendment rights.
Deaton noted that paralleled comparisons between ICE and the Gestapo have escalated tensions. Additionally, a recent internal memo from ICE allows agents to enter homes without a judicial warrant, raising Fourth Amendment concerns.
Although Deaton’s earlier Senate campaign in Massachusetts didn’t succeed in unseating Elizabeth Warren, he gained recognition for challenging major critics of the crypto sector. He acknowledged the increasing partisanship in politics related to crypto, with firms battling the SEC under the former leadership of Gary Gensler.
Ultimately, Deaton described the support for Trump as a “marriage of convenience,” suggesting that while the crypto community might view the Trump administration as beneficial, it was mainly in comparison to other options available at the time.
Despite the backlash against Trump from within the cryptocurrency sector, his approval ratings on prediction markets have remained high, reflecting a surge in support recently after a lull.
