Vitalik Buterin, the architect of Ethereum, has expressed his disapproval of the current regulatory environment for cryptocurrencies, describing it as a “anarcho-tyranny” that is detrimental to the sector.
He contends that regulators target founders who openly disclose their business concepts, accusing them of engaging in the issuing of unregistered “securities.” Buterin asserts that the incentive gradient resulting from this “anarcho-tyranny” exacerbates the situation more than mere anarchy or tyranny.
He proposes transitioning to the contrasting scenario, in which the act of releasing a token without presenting a well-defined long-term narrative for its economic worth becomes the more precarious endeavor.
Nevertheless, tokens can be considered safe if they offer a coherent narrative over a long period of time and adhere to fundamental principles of sound practice.
Buterin made a significant monetary contribution to aid the legal fight of Tornado Cash developers Alexey Pertsev and Roman Storm. On May 30th, he made a transfer of 30 ETH, which is valued at $113,678, to the legal fund named “Free Alexey & Roman”.
Tornado Cash is a cryptocurrency mixing service built on the Ethereum platform that enables secure and untraceable transactions. In 2022, the United States implemented a penalty on the platform, alleging that it is utilized for the purpose of laundering illegal funds and presents a risk to the security of the nation.
