It is a complicated balance, but the co-founder of Ethereum, Joseph Lubin, believes that the cryptocurrency market should include regulators, although he also points out that it is vital not to stop innovation.
Lubin, who heads ConsenSys, welcomes regulators to the cryptocurrency space both in the United States and in other parts of the world. He made the comments to Bloomberg at the Viva Tech Summit in Paris. Perhaps your comments added some relief to the market, since the main cryptocurrencies are currently operating again in the green market.
"It's really valuable for regulators in this space to take a look at some of the complicated practices in much less regulated situations. So, either with respect to cryptocurrencies, in my opinion, they should remain unconstrained because they have tremendous use cases, or if they are tokens that represent securities or other assets, and how the securities laws are drawn, we are very happy to see the regulators, "said Lubin.
If Lubin is not concerned about regulation, it is safe to say that it should not be the balance of the cryptocurrency community either. The important thing to keep in mind is that regulators do not seem to ignore innovation either, which may explain why they have not responded to the market with any general policy or prohibition such as China. Lawmakers are also looking for a balance, and maybe that's a function of Blockchain veterans like Lubin that makes the vision of decentralization clear.
Consumer Token vs. Security. Regulators have yet to provide a clear definition of what a safety chip comprises and what does not. Maybe they should ask Lubin if they have not done it yet. For the market to work as intended, there must be a distinction between what are security tokens and what is not. Despite the fact that US SEC President Jay Clayton said he has not yet seen a ticket that is not a guarantee, he may not be looking for the right features.
Lubin said that, as far as regulation is concerned, he has focused on securities laws. He said they can issue safety and utility tokens.
"We focus on getting very clear definitions and help regulators around the world understand that there are these networked business models that benefit from tokens or membership tokens that represent the consumption of scarce resources. And while these projects sell tokens to symbolic buyers who use the token and are not selling in large quantities to speculators or hoping to make money from the actions of others, that's a good clean definition of a consumer token, "said Lubin, who He added that it is "absolutely what ether is" and described it as a "cryptographic fuel".
Volatility of the market. While programmers such as Vitalik Buterin and Lubin have made it clear that their focus is not on trade, the head of ConsenSys did not shy away from questions about the US investigation into possible price manipulation. Lubin pointed out other explanations for the dramatic changes in the price of Bitcoin.
"It could be just because the total value of these monetary bases is small and it is a very young technology and a lot of news is emerging. But operators are sophisticated and operators will do what they can to get away with it, "he told Bloomberg.
Decentralized World The blockchain conferences are developing fast and furious this year, with the next, called Blockchain for Social Impact Coalition Conference, scheduled for June 1 in Washington, D.C.