Blockchain Researcher Defends Ethereum Foundation’s Role as Protocol Steward

The Ethereum Foundation, a Swiss nonprofit established in 2014, has long funded client development and research while coordinating protocol upgrades. With ETH down more than 50% from its August 2025 peak of $4,953, community members have linked the token’s price to the foundation’s ETH sales and senior departures. The debate centers on whether the organization should remain neutral or take a more active role in marketing Ethereum and supporting the asset’s value.

William Mougayar wrote on May 24, 2026, that ETH, Ethereum infrastructure and the Ethereum Foundation should not be conflated. He said the foundation’s role was to strengthen the protocol and reduce its own centrality, not drive up ETH’s price. The foundation recently sold 25,000 ETH, worth about $47 million, to BitMine and separately unstaked 38,305 ETH in May. Buterin said the foundation held just 0.16% of the circulating supply.