Ethereum’s Hidden Leadership Crisis: How Ether’s Stagnant Price Missed Crypto’s Massive Boom
Ethereum’s Hidden Leadership Crisis: How Missed Crypto’s Massive Boom
In the fast-moving world of cryptocurrency, Bitcoin has soared to new heights, fueled by political shifts and market hype. But Ethereum, home to the second-largest coin Ether (ETH), has lagged behind. Despite a booming industry,
The Leaked Pitch That Rocked Ethereum
In late 2024, Danny Ryan, a key developer who spent seven years at the Ethereum Foundation (EF), pitched a bold idea to founder Vitalik Buterin. The EF, Ethereum’s main governing body, had always focused on tech upgrades and stayed neutral. But Ryan argued it was time to change. Ethereum had matured, and with crypto’s growth, the EF should speak up more strongly—without losing its decentralized roots. Ryan even offered to lead as the new executive director.
Ryan’s idea came from watching politics shift fast. He faced a U.S. SEC probe in early 2024 that vanished quickly, likely to avoid upsetting tech voters before the election. By November, Donald Trump, calling himself the “crypto president,” was set to win. Crypto firms poured money into his campaign, building ties with his family. A pro-crypto White House promised easier rules, opening doors for Ethereum to blend with traditional finance.
This “massive American opportunity” could bring huge gains for ETH, Ryan believed. His pitch sparked talks with Buterin and EF leader Aya Miyaguchi. But a leak to the public ignited chaos.
Community Backlash and Toxic Drama
Social media exploded. Some Ethereum fans demanded Ryan’s hire and Miyaguchi’s exit. Veteran developer Eric Conner called for a “revolt” if Ryan wasn’t picked. Things turned ugly—death threats targeted Miyaguchi, enraging Buterin.
Calls for change had built all year. Many felt the EF was too passive on adoption, especially by big banks. They blamed Miyaguchi for
Buterin hit back in January 2025, labeling threats “pure evil” and saying whines made him less likely to follow the crowd. “The person deciding the new EF leadership team is me,” he declared. This was rare—Buterin usually acted like the community ran things.
Inside the Ethereum Foundation’s Turmoil
Insiders say Buterin’s post was a turning point. EF staff pushed a retreat to force a quick decision. Miyaguchi wanted to step back, but Buterin hesitated. He viewed Ryan’s supporters as a loud U.S. minority in a global community. Old management was widely disliked inside the EF.
Another source pointed to Buterin’s close bond with Miyaguchi and his bad U.S. visa experience from 2012. He resisted EF engaging U.S. politicians, which hurt Ryan’s American-focused pitch. Change only came when Buterin saw broad internal unrest.
On March 1, 2025, the EF named two co-executive directors: Tomasz Stańczak, ex-Citi VP with finance ties, and Hsiao-Wei Wang, a longtime Ethereum engineer. This balanced Ethereum’s split soul—one pragmatic, one technical.
Ethereum’s Ideological Divide: Computer vs. Casino
Ethereum splits into two camps. Timour Kosters of Edge City describes crypto as “computer” (solving big problems with tech) versus “casino” (finance plays, sometimes shady). Ethereum’s “Cypherpunks” are libertarians prizing privacy and freedom from governments. Opposites are “pragmatists” chasing ETH price pumps via Wall Street adoption.
Scholar Paul Dylan-Ennis says the new leaders represent both. The EF now has a page for institutions, signaling openness. Past leaders hid staff names and stayed opaque to dodge SEC heat. Miyaguchi pushed for the EF to shrink over time. Now, it’s growing bolder, directing protocol and culture more than ever.
What Happened to Danny Ryan?
Ryan respects Miyaguchi but says the leak created toxicity that derailed talks. By January 2025, he and Buterin parted amicably over strategy differences, like chasing U.S. chances. EF connected him to Wall Street allies. In February, Ryan co-founded Etherealize, pushing Ethereum products to banks.
Co-founder Vivek Raman says sales to giants like JP Morgan, Fidelity, and BlackRock are speeding up. They’re tokenizing assets—turning real-world finance on-chain. Expect a wave in 2026 after 2025 pilots. This could finally lift Ethereum.
Why Did Persist Amid the Boom?
Ethereum powers billions in DeFi and NFTs, with ETH at ~$400 billion market cap. The EF holds $600 million in ETH. Yet, despite tailwinds, ETH dropped 40% in six months. Brody notes less blame on new leaders: “You don’t see people talking… the way they did about Aya.”
Reasons for lag:
- Leadership Vacuum: Delays in change let rivals like Solana grab speed and hype.
- Political Hesitation: EF’s caution on U.S. ties missed Trump-era momentum.
- Ideology Clash: Cypherpunk purity slowed finance push.
- Market Slump: Broader crypto dip hit all, but ETH underperformed.
New co-leaders aim to fix this with openness and business focus. Stańczak sees a “green light” for institutions.
The Road Ahead for Ethereum and ETH
Ethereum’s shakeup shows growing pains. From decentralized dreams to real-world power, the EF is evolving. Tokenization could unlock trillions, boosting ETH demand. But will
Investors eye ETH as Bitcoin’s utility king. Leadership unity and Wall Street bridges might spark the boom Ethereum deserves. Stay tuned—this drama is far from over.
Keywords: Ethereum price, ETH forecast, Ethereum Foundation news, Vitalik Buterin, crypto leadership changes.
