Vitalik Buterin, founder of ethereum, the second largest cryptocurrency project by market capitalization, referred to the US Securities and Exchange Commission's (SEC) recent action on regulated cryptocurrency. Buterin talked about how projects like Solana are intertwined with legal challenges, saying the real challenges are "globally significant."
Vitalik Buterin Speaks About SEC's Crypto Enforcement Action
Ethereum co-founder Vitalik Buterin voiced his thoughts on recent crypto violations by the US Securities and Exchange Commission (SEC) against exchanges and cryptocurrency projects. When Matt Huang, co-founder of California-based crypto investment firm Paradigm, asked what he thought about the issue, Buterin replied:
I feel bad that Solana and other projects are getting hit in this way. They don’t deserve it, and if ethereum ends up ‘winning’ through all other blockchains getting kicked off exchanges, that’s not an honorable way to win, and in the long term probably isn’t even a victory.
Also, Buterin warned of the possible purpose of this action, saying that "the real competition is not just another chain, but the half-expanding world imposed on us" and hoped other cryptocurrencies would be projects. will be able to reach a "fair outcome". in this situation.
Ethereum, Solana and its taxonomy
Solana, Cardano, Polygon, BNB, and other cryptocurrency exchanges are included in the SEC's current legal filings against the two largest cryptocurrency exchanges in the market, Coinbase and Binance. SOL, the traditional symbol of the smart contract-enhanced project Solana, was marked as safe in the process and permanently damaged its registration and operation on the US stock exchanges without prior registration.
However, the Solana Foundation, whose mission is to "make the Solana protocol a global network against censorship," has questioned the validity of the SEC's vision, saying it "does not accept the characterization of SOL as security."
Ethereum, the main token of the Ethereum network, is also part of this security discussion. At a recent hearing, SEC Chairman Gary Gensler did not answer direct questions about whether ethereum represents a security in the public eye.
However, former SEC commissioner William Hinman explained in his infamous 2018 statement that, in his understanding, "the current supply and sale of Ethereum is not a transaction security." On March 9, 2023, New York Attorney General Letitia James said that Kucoin had filed a lawsuit. and lawyers reserve ether as collateral.
JPMorgan analyst Nikolaos Panigirtzoglou said the rejection of Hinman's documents, a series of notes and emails showing discussions with the SEC prior to the presentation, boosted the likes of ethereum to be ordered for goods, explaining that information could lead to successful decentralization. on Ethereum.
What do you think of Vitalik Buterin's handling of the SEC's criminal actions against crypto projects? Let us know in the comments section below.