Ethereum (ETH) co-founder Vitalik Buterin believes the crypto ecosystem needs to mature and harmonize with regulatory policies that allow crypto projects to operate freely within.
Buterin shared his views on crypto regulation and opposed regulations that affect the inner workings of the crypto ecosystem.
Given the current situation, he believed it would be better to have regulations that would allow crypto projects internal independence, even if that would prevent mainstream adoption. commented:
“Actually, I am kind of happy that a lot of exchange-traded funds (ETFs) are lagging behind.
The use of Know Your Customer (KYC) in decentralized finance (DeFi) frontends was another concern Buterin pointed out. However, he stressed the need for KYC in crypto exchanges that have seen large-scale implementation. according to For Entrepreneurs:
“It[the KYC of the DeFi frontend]frustrates users, but it does nothing for hackers. Hackers are already writing custom code that interacts with contracts.”
In this regard, Buterin made three recommendations:
Buterin concludes by recommending the use of zero-knowledge proofs to meet regulatory requirements while protecting user privacy. “
Related: Merge Reduces Ethereum Network Power Consumption by Over 99.9%
Google recently added a search feature that allows users to search addresses and view ETH wallet balances.
In recognition of the recent Ethereum Merge upgrade, Google has embedded a countdown ticker dedicated to Ethereum’s transition from Proof of Work (PoW) to Proof of Stake (PoS) consensus mechanisms.