In a dramatic turn of events, the Ethereum Foundation (EF) has announced a pivotal leadership change, appointing two co-executive directors to steer the platform through a turbulent crypto landscape. This restructuring comes as Ethereum’s native cryptocurrency, ether (ETH), faces a notable price stagnation, raising questions about the foundation’s strategic direction and its response to shifting political tides in the United States.
A Proposal for Change
In November 2024, Danny Ryan, a prominent US crypto developer with seven years of experience at the Ethereum Foundation, presented a transformative proposal to Vitalik Buterin, the revered founder of Ethereum. He argued that the EF, which has historically prioritised decentralisation and technical enhancements, must now adopt a more assertive stance to navigate the increasingly competitive cryptocurrency arena. Ryan expressed his willingness to lead this charge as the foundation’s new executive director, envisioning an era where Ethereum could harness its influence without sacrificing its core principles.
Ryan’s proposal was partly shaped by his personal encounters with regulatory pressures. After a case from the Securities and Exchange Commission (SEC) against him was dropped, he sensed a significant shift in the political landscape, particularly with Donald Trump’s anticipated return to the presidency. With a crypto-friendly administration on the horizon, Ryan identified a “massive American-shaped opportunity” for Ethereum to bolster its presence in traditional finance.
Tensions Within the Community
Despite the optimism surrounding Ryan’s proposal, Ethereum’s community is deeply divided. The blockchain, valued at approximately $400 billion, is home to a vibrant ecosystem of financial products, yet the price of ether has plummeted by 20% over the past year, remaining stagnant since Ryan’s pitch. This dichotomy has led to a rift between traditionalists, who adhere to the original libertarian ethos of decentralisation, and a more pragmatic faction that seeks to enhance institutional adoption of Ethereum.
The tension came to a head when internal discussions about the EF leadership were leaked, sparking outrage on social media. Some community members called for the ousting of Aya Miyaguchi, the long-standing executive director, blaming her for the stagnant price of ether. Prominent figures within the Ethereum ecosystem, including veteran developer Eric Conner, voiced their support for Ryan, declaring it “revolt time” if the foundation did not appoint him as its new leader. Amidst this turmoil, Buterin condemned the threats against Miyaguchi, asserting his authority over the leadership selection process.
A New Direction for Ethereum
On March 1, 2025, the Ethereum Foundation announced the appointment of Tomasz Stańczak and Hsiao-Wei Wang as co-executive directors. This decision reflects an effort to bridge the ideological divide within the community, with the new leaders tasked with fostering a more open dialogue with the business world and facilitating Ethereum’s integration into mainstream finance. Stańczak, a former Citi vice-president, and Wang, a seasoned Ethereum engineer, aim to cultivate real-world applications for Ethereum technology.
This leadership change marks a significant departure from the EF’s previous defensive posture, which had been marked by a reluctance to engage proactively with regulators and the broader financial community. The foundation is now embracing a more transparent structure, aiming to attract institutional interest in Ethereum-based solutions.
The Road Ahead
As Ethereum navigates this critical juncture, Ryan has co-founded Etherealize, an organisation aligned with the EF that focuses on promoting Ethereum products to traditional financial institutions. With major firms like JP Morgan and BlackRock exploring blockchain-based financial products, there is optimism that Ethereum can carve out a substantial niche in the evolving financial landscape. However, the cryptocurrency market continues to face challenges, with ether’s price remaining low amidst broader market instability.
Why it Matters
The shake-up at the Ethereum Foundation reflects not only the internal dynamics of one of the world’s most influential cryptocurrencies but also highlights the broader challenges facing the crypto industry. As political landscapes shift and institutional interest grows, Ethereum’s ability to adapt and lead will be essential for its survival and growth. This leadership change could potentially position Ethereum to seize new opportunities, but it will require careful navigation of both community sentiment and external market pressures. The coming months will be pivotal as Ethereum strives to reclaim its momentum and redefine its role in the financial ecosystem.
