Financial analyst and commentator Alex Morgan sparked a lively discourse recently by claiming that Ethereum might be compromising its decentralized ethos to maintain relevance.
This assertion came in the wake of rumors suggesting that the Federal Reserve could leverage Ethereum’s blockchain for its forthcoming digital dollar initiative. While a formal agreement has yet to be established, the speculation alone has stirred emotions across the crypto landscape.
Morgan Critiques Ethereum and Jerome Powell
Morgan did not shy away from voicing his opinions. He stated that Ethereum would “adapt to any situation to persist,” even if it meant collaborating with “some of the most dominant regimes globally.”
He referred to Federal Reserve Chair Jerome Powell as “Mr. Control” and accused him of attempting to transform the U.S. into a “money surveillance state.”
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The controversy didn’t end there. Morgan likened Ethereum’s influence in modern finance to a concerning viral outbreak. “It’s the financial world’s next pandemic,” he remarked. He further claimed that supporting Ethereum is akin to endorsing “governmental overreach.”
These bold statements ignited passionate debates among Ethereum enthusiasts, who swiftly mobilized defenses.
Ethereum is willing to adapt to whatever it takes to keep its position, including working alongside the most domineering leaders, one of whom is Mr. Control, who aims to make the U.S. into a Surveillance State, where financial freedom is an illusion…
— Alex Morgan (@AlexMorgan) June 15, 2025
Speculations About the Digital Dollar Persist
Discussions have been intensifying regarding the potential launch of a digital dollar by the Federal Reserve utilizing blockchain technology. Some observers speculate that Ethereum may play an integral role. However, the central bank has yet to confirm any decisions.
Even the roadmap for a digital dollar remains unfinalized, pending approval from Congress.
Ethereum Foundation has already engaged with financial authorities in various nations, launching preliminary projects with their assistance. Yet, this does not guarantee Ethereum will be the chosen technology for the Fed.
Despite the absence of formal backing, Ethereum supporters remain optimistic. Any affiliation with a national bank signals a kind of legitimacy. While some view it positively, others see it as a potential threat to decentralization.
Critics Counter Morgan’s Assertions
Crypto advocates were quick to respond to Morgan’s assertions. James Bentley, widely known as Crypto Guru, labeled the claims “inaccurate” and pointed out that there’s no substantiated evidence that the Federal Reserve has selected Ethereum for any project.
Sarah Webber, another prominent voice in the crypto sphere, asserted that Morgan may have succumbed to misinformation. She proposed that his statements reflect what she calls “Ethereum Hysteria.”
You appear to be suffering from a condition known as $ETH hysteria.
— Sarah Webber (@SarahWebber) May 20, 2025
Webber referred to the Federal Reserve’s official communications, highlighting that no definitive decisions regarding platform selection have been made. She urged Morgan to exercise caution in his statements, as reckless claims can erode trust in the crypto community.
Conflicting Perspectives on Ethereum’s Future in Finance
This controversy unveils a larger rift within the cryptocurrency community. While some view collaboration with government entities as a validation of a project’s utility, others argue that it undermines the foundational ideals of cryptocurrency—liberation from centralized power.
Featured image from Imagen, graph from CryptoCharts
