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HomeETHEthereum Co-Founder Has Concerns About Crypto-Regulatory Policies

Ethereum Co-Founder Has Concerns About Crypto-Regulatory Policies

On October 30th, Vitalik Buterin, co-founder of Ethereum, stated that the cryptocurrency ecosystem must evolve and align with regulatory policies that will allow cryptocurrency projects to freely operate within their own networks. When asked what he thought about cryptocurrency regulations, Buterin said he didn’t like the rules that would change how a cryptocurrency ecosystem works from the inside. 

In the current situation, he thought it would be better to have rules that let crypto projects keep their internal independence, even if this would make it harder for people to accept crypto. He said that it would be better for cryptocurrency projects to freely operate within their own networks without regulations, which would change how a cryptocurrency ecosystem works from the inside.

He said:

“I’m actually kinda happy a lot of the exchange-traded funds (ETFs) are getting delayed. The ecosystem needs time to mature before we get even more attention.”

Another issue that Buterin brought up was the implementation of know-your-customer (KYC) systems on the frontends of decentralised financial systems (DeFi). However, he emphasised the need for Know Your Customer policies on cryptocurrency exchanges, which have recently experienced widespread use.

In a concluding remark, Buterin suggested the implementation of zero-knowledge proofs as a method for satisfying regulatory requirements without compromising the privacy of users. He stated, “I would love to see rules written in such a way that requirements can be satisfied by zero knowledge proofs as much as possible.”

Recently, Google implemented a new search tool that enables users to check the balance of their Ethereum wallets by searching for their addresses. Google has included a countdown ticker that is devoted to Ethereum’s shift from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus method. This is an acknowledgment of the recent Ethereum Merge upgrade that was completed.

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Reporter
Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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