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Vitalik Buterin Publishes Recommendations for Crypto Regulations

Umair Younas by Umair Younas
October 30, 2022 - 12:36 pm
in ethereum news, Market, sticky
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Today, the co-founder of Ethereum, Vitalik Buterin, took to Twitter to express his stance on the issues in crypto regulations. He spoke against some selected regulations like Know Your Customer (KYC) on DeFi frontends that have a negative impact on the rudiments of the digital asset ecosystem. However, he said that KYC is good for crypto exchanges.

Furthermore, he said that the current regulations are not fulfilling the basic purpose of regulations, which is to protect the customers. According to Buterin, the current regulations are bounding users and have no impact on hackers. He expressed that the crypto-verse needs to mature and should be regulated. However, he thinks some amendments are crucial for the regulators. He also said in the thread that he is happy with the procrastination in Exchange-traded funds (ETFs).

Regulatory Recommendations by Vitalik Buterin

Vitalik Buterin has not only pointed out the loopholes but has also recommended some changes. He has presented three key recommendations to improve the inner working of the crypto ecosystem. These recommendations can bring stability to the market and give confidence to small investors who often worry about unpredictable regulations, especially from the SEC.

First of all, he wants exchanges to put a stop to providing heavy leverage. He asks regulators to put a limit on leverage. Secondly, he asks regulators to guarantee transparency in audits and a complete check on contract codes. Thirdly, he wants that all activity should be gated by knowledge-based tests instead of big whales.

Regs on defi frontends that *could* be more helpful may include:

(i) limits on leverage
(ii) requiring transparency about what audits, FV or other security checks were done on contract code
(iii) usage gated by knowledge-based tests instead of plutocratic net-worth minimum rules

— vitalik.eth (@VitalikButerin) October 30, 2022

In the last part of the thread, Vitalik discussed the effectiveness of using Zero Knowledge Proofs. He recommended using ZKPs to fulfil regulatory needs as they will help to guarantee user privacy. All regulatory requirements should be satisfied by ZKPs to the maximum extent. If all these recommendations are met, the overall working of the whole ecosystem will improve.

Also, I would love to see rules written in such a way that requirements can be satisfied by zero knowledge proofs as much as possible. ZKPs offer lots of new opportunities to satisfy reg policy goals and preserve privacy at the same time, and we should take advantage of this!

— vitalik.eth (@VitalikButerin) October 30, 2022

Vitalik Receives Appraisement From CZ and SBF

Vitalik Buterin has received acknowledgement for these deeply observed points and recommendations from within the industry. The popular names who liked the tweets include Binance CEO, Changpeng Zhao, and FTX CEO, Sam-Bankman Fried. SBF also replied to the tweet saying that these are very reasonable points that should be noted.

Almost 10 days ago, Sam-Bankman Fried also shared his thoughts about crypto regulations. He proposed that the industry should adopt a blacklist model to stop illicit financing. Unlike Buterin, he had proposed to have mandatory licensing and KYC obligations. Later on, SBF received huge backlash on his post and later on, he revised his proposal. He returned to Twitter and thanked all the critics for the feedback and criticism saying that it will help to highlight the core issues.

1) As promised:

My current thoughts on crypto regulation.https://t.co/O2nG1VrW1l

— SBF (@SBF_FTX) October 19, 2022

The most bitter criticism he received was from ShapeShift founder, Eric Voorhees, who accused SBF of glorifying the Office of Foreign Assets Control (OFAC). He critically evaluated the proposal of SBF and argued that there should be a line between blacklists. He regarded the SBF proposal as problematic for the DeFi sector.

Tags: AltcoinsBitcoinCryptoCryptocurrencyETHEthereumVitalikButerin
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Umair Younas

Umair Younas

Umair Younas is a cryptocurrency-related content writer linked with this work since 2019. Here, at Blockchainreporter, he serves as a news and article writer. He is a crypto, blockchain, NFTs, DeFi, and FinTech enthusiast. He has strong command over writing authentic reviews about brokers and exchanges and he has collaborated with our education team to write educational content as well. He has a dream to raise awareness among people about digital currencies. His works are well-researched and brimmed with information hence they provide fresh insights. Stay tuned to his posts if you want to stay up-to-date with the crypto-verse.

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