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Regulations: Vitalik makes a case for other blockchains



The co-founder of Ethereum, Vitalik Buterin, has spoken up about the attacks on the crypto industry by the US Securities and Exchange Commission. Expressing his thoughts in a tweet, the Ethereum creator noted that he feels sad for projects such as Solana, Cardano, Polygon, and others that were classified as securities by the SEC. “They don’t deserve it,” he said.

Earlier in June, the US SEC released a list of crypto projects and classified them as securities. The list includes Cardano (ADA), Polygon (MATIC), Sandbox (SAND), Filecoin (FIL), Axie Infinity (AXS), Chiliz (CHZ), Flow (FLOW), Internet Computer (ICP), Near (NEAR), Voyager (VGX), Dash (DASH) and Nexo (NEXO).

The list was part of the suit the authority filed against Binance and Coinbase where it states that the two crypto exchanges were offering products that were not legally registered in the US. Binance and Coinbase were accused of endangering the assets of investors who have been part of their customer base.

Ethereum can’t win alone

Moreover, Vitalik expressed his concern that if all the blockchain projects currently under attack are destroyed, leaving Ethereum as the sole survivor, it would be detrimental to the entire Web3 industry and the world as a whole.

He emphasized that the crypto industry is fundamentally designed to challenge the centralized nature of traditional financial markets. “The real competition is not other chains; it’s the rapidly expanding centralized world that is imposing itself on us as we speak,” he asserted.

Ever since the advent of Bitcoin, Ethereum, and other public blockchains, there has been a significant increase in awareness regarding the inherent flaws of the centralized global financial system.

During the initial stages of the crypto industry, many governments paid little attention to cryptocurrencies and digital assets. However, the regulatory landscape is now evolving, with central banks exploring Central Bank Digital Currencies (CBDCs).

For instance, the European Commission has recently introduced the MiCA regulatory framework, aimed at governing the administration of digital assets in Europe.

It remains to be seen whether other regions will follow suit, incorporating decentralization into their systems, or they will disregard the innovative potential of blockchain technology. Only time will tell.

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