Vitalik Buterin indirectly hinted that Bitcoin needed more time to be mature to go live via Bitcoin spot ETFs products.
Vitalik Buterin is a co-founder of the Ethereum blockchain. And Ethereum doesn’t need any kind of introduction in the crypto space because of its popularity as a second-ranked crypto asset, just after Bitcoin.
On 30 October, Vitalik took to Twitter to share his opinion on the rejection of Bitcoin spot ETF applications & ongoing development on the crypto regulatory framework.
Vitalik said that people may oppose his opinion but he believes that it is good that Bitcoin spot ETFs are facing significant delays. The Ethereum co-founder thinks that it will give more time for Bitcoin to become more mature.
“I’m kinda happy a lot of the ETFs are getting delayed. The ecosystem needs time to mature before we get even more attention,” Vitalik said.
Further, Vitalik said that some unfair crypto regulatory works are retarding the growth of the crypto sector, in terms of adoption but it is still good.
To explain his point of view, Vitalik said that ongoing crypto regulations are not forcing the internal tech work process of the crypto companies but surely these regulatory policies are slowing down the adoption of cryptocurrencies in the mainstream sector. According to this crypto personality, this situation is still good because the crypto sector is free to work in its way internally, which is still a good situation for this innovative sector.
“Especially at this time, a regulation that leaves the crypto space free to act internally but makes it harder for crypto projects to reach the mainstream is much less bad than regulation that intrudes on how crypto works internally.”
Further Ethereum co-founder talked about the regulation work in the Defi sector. In particular, he said that it is not a good idea to introduce KYC barriers on Defi platforms because such kinds of KYC-enabled crypto services are available through the centralized crypto exchange.
Vitalik explained that consumer protection, bad actors’ involvement & prohibition of high-fund transactions are the main parts of any crypto regulatory approach.
According to Vitalik, all these issues are not concentrated in the Defi sector, instead, it is a part of crypto payment systems.