- Vitalik Buterin, Ethereum’s co-founder, expressed his concern over the recent actions by the U.S. Securities and Exchange Commission (SEC) against crypto projects, including Solana.
- Buterin insists on the necessity of fair competition among blockchain projects and expresses his wish for “all honorable projects” to emerge unscathed from the situation.
As regulatory actions against blockchain projects intensify, Ethereum’s co-founder, Vitalik Buterin, recently voiced his disapproval. In particular, he empathizes with blockchain projects such as Solana, which have been embroiled in the SEC’s recent enforcement actions against crypto exchanges like Coinbase and Binance.
“I feel bad that Solana and other projects are getting hit in this way,”
Buterin stated, underlining his viewpoint on the current US crypto policy approach. Buterin doesn’t consider winning via regulatory actions against competitors as a victory for Ethereum. He emphasized that the real competition is against the “rapidly expanding centralized world,” rather than against other blockchain platforms.
The SEC, in its recent lawsuits against crypto exchanges Coinbase, Binance, and Binance.US, declared numerous tokens, including Solana’s SOL, Polygon’s MATIC, and Algorand’s ALGO, as unregistered securities.
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Projects and companies have begun to push back against the SEC’s claims. The Solana Foundation disputed the SEC’s classification of SOL as a security, expressing its eagerness to work with policymakers to clarify these legal ambiguities. Polygon Labs also objected to the SEC’s allegations, affirming that the MATIC token was conceived, deployed, and continues to operate outside the U.S.
Crypto exchanges are also defending their interests. Earlier this week, Coinbase submitted a motion to dismiss the SEC lawsuit. Simultaneously, Binance experienced a setback when a federal judge declined a request from Binance’s attorneys to rebuke the SEC over its press release language.
Meanwhile, Solana, a competitor of Ethereum, has been designed to expedite transactions in decentralized finance (DeFi) and non-fungible token (NFT) industries. Amid the rising scrutiny, the expressions of solidarity from figures like Buterin underscore the collective spirit within the blockchain industry, despite individual competition.
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