Why is the Ethereum Foundation facing criticism?

The Ethereum Foundation has faced criticism over recent ETH sales, unstaking activity and concerns that it has not done enough to support Ether’s market performance or attract institutional interest.

What did William Mougayar say about the Ethereum Foundation?

William Mougayar argued the foundation is doing “exactly” what it was created to do. He said its purpose is to steward Ethereum’s protocol development rather than act as a marketing organisation for ETH.

Why does Mougayar separate Ether, Ethereum and the Ethereum Foundation?

Mougayar said they are three different things with separate goals. He described Ether as a monetary asset, Ethereum as computing infrastructure and the Ethereum Foundation as a non-profit focused on protocol stewardship.

Why are some ETH holders frustrated with the Ethereum Foundation?

Some investors believe the foundation’s ETH sales and public silence have hurt market confidence during a period when Ether has underperformed compared with other major crypto assets.

How much ETH has the Ethereum Foundation recently sold?

The foundation reportedly sold around 20,000 ETH to BitMine Immersion Technologies through over-the-counter transactions. Combined sales were valued at roughly $47 million.

Why did the Ethereum Foundation unstake large amounts of ETH?

The foundation unstaked tens of thousands of Ether from staking platforms including Lido. Critics viewed the move as bearish for ETH sentiment, although the organisation has not framed it as a change in long-term strategy.

What does Mougayar mean by “protocol steward”?

A protocol steward focuses on maintaining, upgrading and decentralising the blockchain network itself. Mougayar argued the foundation’s role is technical and research-driven rather than focused on boosting token prices.

Why did Mougayar compare the Ethereum Foundation to the IETF?

He said expecting the Ethereum Foundation to market ETH is like expecting the Internet Engineering Task Force to run advertising campaigns for TCP/IP. The comparison was meant to highlight the foundation’s infrastructure-focused mission.

Image for illustrative purposes only. Not a real photo.

Researcher defends Ethereum Foundation amid criticism

Written by Brie CarterPublished May 25, 2026, 2:06 AM

William Mougayar defended the Ethereum Foundation against mounting criticism, arguing the organisation is operating exactly as it was designed to function.

In a post titled “Leave the Foundation Alone,” Mougayar said critics were misunderstanding the foundation’s role by expecting it to promote Ether prices or aggressively court institutional investors.

Mougayar argued that Ether, the Ethereum network and the Ethereum Foundation should be viewed as separate entities with distinct goals and trajectories.

He described Ether as a monetary asset, Ethereum as shared computing infrastructure and the Ethereum Foundation as a non-profit organisation focused on gradually reducing its own importance within the ecosystem.

According to Mougayar, the foundation’s role is to support research, coordinate protocol upgrades and strengthen decentralisation rather than operate as a marketing engine for ETH.

He compared expectations for the Ethereum Foundation to demanding that the Internet Engineering Task Force advertise TCP/IP during the Super Bowl, arguing critics were applying the wrong standards.

The defence comes after the Ethereum Foundation faced backlash over recent ETH sales and unstaking activity, including the sale of roughly 20,000 ETH to BitMine Immersion Technologies and the unstaking of tens of thousands of Ether from staking platforms.

Critics within the crypto community have argued those moves damaged market sentiment around Ethereum, which remains down more than 57% from its all-time high despite recent price recovery attempts.

At the time of reporting, Ethereum price was $2,094.27.