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Ethereum hits all-time high again. It is remarkable due to more adoption of Ethereum blockchain and its other features digital products such as NFTs and Defi. However, this trend is missing Defi.
The government’s view of different cryptocurrencies
There are some insights to reveal how the government sees different cryptocurrencies are. Bitcoin is a standard of crypto. Whatever that means to make Bitcoin is one of the kind and special with its own category. The government will leave Bitcoin along as its own kind and with more merchants and corporations to adopt Bitcoin payment systems and institutional investors FOMO about Bitcoin, the government wants a part of the deal to let Bitcoin rise along.
Ethereum is a security
It is relatively bad for Ethereum to categorize as security. Particularly the Defi component of Ethereum such as stablecoins to become securities under the regulator a.k.a the Securities and Exchange Commission oversight. If the new law is passed to regulate stablecoins like securities, they will have to comply with the same regulations as banks did. These regulations will likely kill the momentum of stablecoins and turn them into zombiecoins a.k.a CBDCs.
Stablecoins force to innovate
Since stablecoins are designed to be 1:1 to dollar pegging, they are harder to escape from regulations the same as banks faced. Other types of stablecoins backed by cryptocurrencies such as Bitcoin may have a chance to apart themselves away from the regulations.
Defi Winter
Such regulations can open doors for regulators to access Defi projects and the management of their assets. It is good for users to be protected from scams. However, many Defi projects will be delayed due to regulatory audits and it may take a longer time to release Defi financial products. Or Defi may completely change its landscape that not longer a Defi but CDfi I presume.
In conclusion
Regulation is a double-edged sword. It may protect users from scammers’ exploitation but it may also kill a project that has the potential to change the future. There must be a way to prevent scammers while protecting users so that the future crypto project can become more adoptable.
Photo by yonatan anugerah UnsplashNote: the post was shared on multiple platforms.
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Disclosure: The article was written by a delusional author who is possibly a nut job without any questions whatsoever about expertise in the subject matters. You should not believe any words this author wrote or you may experience similar symptoms or even possibly become a nut job.
