Ethereum Foundation Criticism Misplaced, Says Blockchain Expert
Blockchain researcher William Mougayar has defended the Ethereum Foundation (EF) amid increasing criticism from the crypto community, arguing that the organization is fulfilling its intended role as a protocol steward, not a marketing engine. Mougayar’s comments come as the EF faces backlash over recent ETH sales and unstaking activity, which some claim have negatively impacted ETH’s price performance.
In a post on X titled “Leave the Foundation Alone,” Mougayar, a Toronto-based blockchain investor and author, clarified the distinct roles of Ethereum (the protocol), ETH (the asset), and the Ethereum Foundation (the non-profit organization). “The asset is money. The infrastructure is shared compute. The Foundation is a non-profit that is steering the protocol toward irrelevance for its own founders,” Mougayar wrote, adding that conflating these entities often leads to misguided criticism.
EF’s Role: Hardening the Protocol
Mougayar highlighted the EF’s work toward decentralization by reducing its centrality in the ecosystem. He described the EF as being on a “subtraction path,” focusing on protocol upgrades, funding critical research, and hardening Ethereum’s Layer 1 infrastructure to ensure long-term resilience. This aligns with the Foundation’s publicly stated goals, which prioritize decentralization, censorship resistance, and security under its 2026 roadmap.
The EF’s recent treasury actions, however, have sparked controversy. Earlier this month, the Foundation completed its third OTC sale of 10,000 ETH to BitMine Immersion Technologies at an average price of $2,292, totaling $22.9 million. Combined with two earlier sales in March and May, the EF sold approximately $47 million worth of ETH in recent weeks.
Additionally, the EF unstaked 17,035 ETH worth $40 million and another 21,270 ETH worth $50 million earlier in May. While some critics view these moves as bearish signals, Mougayar argued they are part of structured treasury management to fund ongoing operations without compromising Ethereum’s decentralization goals.
Market Context and ETH Performance
As of May 25, 2026, ETH is trading at $2,104.46, down 0.72% over the past 24 hours, according to CoinMarketCap. The token remains significantly below its all-time high of $4,953, recorded in August 2025, but analysts note that the Foundation’s recent actions are unlikely to be primary drivers of this decline. Market-wide macro factors, including regulatory uncertainty and liquidity constraints, have weighed heavily on crypto prices this year.
Mougayar also criticized expectations that the EF should act as a promotional body for Ethereum or ETH, comparing such demands to expecting the Internet Engineering Task Force to run Super Bowl ads for TCP/IP. Instead, he emphasized that the EF’s mission is to ensure Ethereum’s long-term viability and independence, rather than chasing immediate price gains or institutional adoption.
Looking Ahead
The Ethereum Foundation’s focus remains on advancing protocol development, with its 2026 roadmap targeting scalability, Layer 1 security, and improved user experience. Recent announcements suggest a strategic pivot to reduce its direct influence over Ethereum’s ecosystem, signaling a commitment to decentralization. Whether this approach will quell criticism or fuel further debates over its role remains to be seen, but for long-term investors, this philosophy aligns with Ethereum’s original vision as a decentralized, self-sustaining network.