Vitalik Buterin shows empathy for rival crypto projects amid increasing US regulatory pressures

1 year ago

Ethereum (ETH) co-founder Vitalik Buterin expressed his interest implicit the caller regulatory pressures faced by rival crypto projects, including Solana (SOL), successful a June 30 tweet.

Buterin pointed retired that these projects bash not merit specified treatment, adding that this would not beryllium an honorable mode for Ethereum to “win” if different blockchain networks get kicked disconnected exchanges. He added:

“…In the agelong term, [this] astir apt isn’t adjacent a victory. This is particularly existent since the existent contention is not different chains, it’s the rapidly expanding centralized satellite that is imposing itself connected america arsenic we speak.”

Buterin made this connection successful effect to a question astir his sentiment astir the U.S. argumentation attack to crypto.

The crypto manufacture faces regulatory unit successful the U.S.

Recent actions from the U.S. fiscal regulators, specified arsenic the Securities and Exchange Commission (SEC), suggest that the state has adopted an anti-crypto basal towards the emerging industry.

Over the past month, the SEC has filed charges against large crypto exchanges, including Binance and Coinbase, alleging that they violated national securities law.

In addition, the regulator classified much than 10 integer assets, including SOL, ADA, MATIC, SAND, ALGO, MANA, and others, arsenic securities successful its lawsuits against these firms.

Meanwhile, respective different crypto stakeholders, including Coinbase and Binance CEO Changpeng, ‘C.Z.‘ Zhao, and billionaire capitalist Mark Cuban, person antecedently criticized this attack to the crypto industry.

The authorities attack impacts the industry.

Following the SEC’s classification of definite integer assets arsenic securities, tokens specified arsenic SOL, MATIC, and ADA experienced important drops successful their values arsenic respective large crypto platforms delisted them.

However, information shared by Julio Moreno, the caput of probe astatine CryptoQuant, suggest a imaginable “comeback” for these impacted assets.

Moreno pointed out that an scale tracking the show has risen by 22% since June 14, portion that tracking Bitcoin and Ethereum is up by 16%.

However, CryptoSlate’s TradingView screener tracking assets listed successful the SEC lawsuits highlights that lone Solana has a affirmative year-to-date instrumentality erstwhile denominated successful BTC, with others experiencing implicit 20% declines against Bitcoin.