Deniz 
Vitalik Buterin, an outspoken co-founder of Ethereum, recently voiced his annoyance with the present level of bitcoin control and provided a clear fix for the issue.
Buterin’s Perspective on Regulatory Challenges
Responding to a user on Warpcast, a social media network developed on the Farcaster protocol, Buterin explained a situation whereby current regulatory attempts have essentially placed good-faith bitcoin developers into a corner:
“The main challenge with crypto regulation (esp in the US) has always been this phenomenon where if you do something useless, or something where you’re asking people to give you money in exchange for vague references to potential returns at best, you are free and clear, but if you try to give your customers a clear story of where returns come from and promises about what rights they have, then you’re screwed because you’re “a security.” The incentive gradient that this “anarcho-tyranny” creates ends up worse for the space than either plain anarchy or plain tyranny.”
Addressing the Flood of Dishonest Actors
From the anarchy side of things, it seems as though the flood of dishonest actors, con artists, and unfounded hypesters spreading on social media and sharing platforms has no end.
Buterin earlier generated three ideas supposedly able to address the issue of “useless” cryptocurrency businesses and services.
These suggestions call for restricting usage with knowledge exams, reducing leverage, and mandating audits and openness.
Although it’s not clear how knowledge tests on cryptocurrencies could be carried out at the individual or corporate level or at the regulatory level, it would most likely be a matter of policy to restrict project leverage and apply auditing and transparency reporting guidelines.
Unfortunately, the attitude of the bitcoin community seems to be that the U.S. has both an excessive number of cryptocurrency users and an approach to cryptocurrency regulation that may best be defined as nebulous or unequal.
Buterin says he would “much rather see us move to the opposite situation, where issuing a token with a clear long-term story for why it will maintain or increase in economic value is the riskier thing,” instead of providing the most protections to businesses and projects devoid of a long-term vision or plan.”
Buterin also hinted, though, that the fight is still half complete in terms of laws serving the bitcoin sector:
“Actually, getting to this will require good-faith engagement, both from regulators and from industry.”
You can also freely share your thoughts and comments about the topic in the comment section. Additionally, don’t forget to follow us on our Telegram, YouTube, and Twitter channels for the latest news and updates.