The co-founder of Ethereum, Joseph Lubin, recently spoke about the cryptocurrency regulation and what the market should embrace at this point. According to him, the cryptocurrency market should embrace regulators but it is also vital not to stifle potential innovation.
Lubin is known for being at the helm of ConsenSys and welcomes regulators in the cryptocurrency space both in the US and in other parts of the world. He made all of the comments to Bloomberg at the Paris’ Viva Tech summit. His remarks definitely added some relief to the market and made most of the cryptocurrencies trade back in the green again.
As Lubin said:
“It is really valuable to have regulators in this space taking a look at some of the complicated practices in much less regulated situations. So, whether it’s with respect to cryptocurrencies, and cryptocurrencies — in my opinion — should remain unfettered because they have tremendous use cases, or whether it’s tokens representing securities or other assets, and how that maps into securities law, we’re very happy to see the regulators,”
From his comments, it is safe to say that the cryptocurrency community shouldn’t be worried about regulation. What’s important to mention at this point is that more and more regulators are looking forward to innovation – and policymakers are looking to strike a balance.
What we all need to see is a clear-cut definition of what comprises a security token, an ICO, a cryptocurrency etc. All of this will help the crypto world, according to Lubin, to be understood.
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“We’re focused on getting very clear definitions and helping regulators around the world understand that there are these network business models that benefit from membership tokens or tokens that represent consumption of scarce resources. And as long as these projects are selling tokens to token buyers that make use of the token and they’re not selling in large quantities to speculators or hoping to make money by the actions of others, that is a good clean definition of a consumer token,” said Lubin, who added that is “absolutely what ether is” and described it as a “crypto fuel.”
When asked about the dramatic swings in the Bitcoin price and the market volatility, Lubin said that “it could be just because the total value of the monetary bases is small and the technology is young”. He also said that new things are constantly coming out and traders will do what they can “get away with”.
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