Vitalik Buterin is “pretty thrilled” with the delays to the ETF

New York City: Buterin, when asked about his thoughts about cryptocurrency laws, voiced his opposition to the rules that would have an effect on the inner-workings of a cryptocurrency ecosystem.

Vitalik Buterin, the co-founder of Ethereum, is of the opinion that the cryptocurrency ecosystem has to develop and become in line with the regulatory laws that will let cryptocurrency projects to freely function inside their own networks.

Buterin, when asked about his thoughts about cryptocurrency laws, voiced his opposition to the rules that would have an effect on the inner-workings of a cryptocurrency ecosystem.

In light of the present situation, he was of the opinion that it would be preferable to have restrictions that enable crypto projects to maintain their internal independence, even if this would prevent widespread acceptance. Buterin expressed his opinion that:

“I’m really sort of glad that a significant number of the exchange-traded funds (ETFs) are being delayed. Before we get any more attention, the ecosystem must first have some time to develop.

Buterin also brought up another worry, which was the implementation of Know Your Customer, or KYC, on the frontends of decentralized financial systems (DeFi). However, he emphasized the need of Know Your Customer policies on cryptocurrency exchanges, which have recently experienced widespread use.

In a concluding remark, Buterin advocated for the implementation of zero-knowledge proofs as a means of satisfying regulatory requirements without compromising the privacy of users. He said, “I would love to see rules written in such a way that requirements can be satisfied by zero knowledge proofs as much as possible.”