Buterin voiced his opposition to rules that have an effect on the internal workings of a crypto ecosystem when discussing his views on crypto legislation.
Vitalik Buterin, the co-founder of Ethereum, thinks that the cryptocurrency ecosystem needs to develop and align with the regulatory frameworks that allow for the internal freedom of crypto projects.
Buterin voiced his opposition to rules that have an effect on the internal workings of a crypto ecosystem when discussing his views on crypto legislation.
In light of the current situation, he thought it was preferable to have policies that permit internal autonomy for crypto projects, even if doing so hinders widespread acceptance. Howeverin stated:
“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.”
Buterin also brought up the issue of the use of KYC on frontends for decentralized finance (DeFi). But he emphasized the necessity of KYC on cryptocurrency exchanges, which has been widely implemented. According to the business person:
“It (KYC on DeFi frontends) would annoy users but do nothing against hackers. Hackers write custom code to interact with contracts already.”
In this regard, Buterin offered the following three suggestions.
Buterin stated in a note that “I would love to see rules written in such a way that requirements can be satisfied by zero knowledge proofs as much as possible” in order to meet regulatory obligations while protecting users’ privacy.
The option to check ETH wallet balances by searching addresses was recently added to Google’s search functionality.
Google added a countdown ticker for Ethereum’s switch from a proof-of-work (PoW) to a proof-of-stake (PoS) consensus method in response to the recent Ethereum Merge upgrade.