Contrary to popular belief, Ethereum (ETH) inventor Vitalik Buterin says that crypto doesn’t necessarily need institutional adoption just yet.
With many in the space hoping for institutional adoption, the crypto pioneer tells his 4.6 million Twitter followers that it may be better to let the industry mature more first.
Buterin says he’s even glad that spot-based Bitcoin exchange-traded-funds (ETFs) are being rejected and delayed by regulators.
“Another maybe-controversial take of mine is that I don’t think we should be enthusiastically pursuing large institutional capital at full speed. I’m actually kinda happy a lot of the ETFs are getting delayed. The ecosystem needs time to mature before we get even more attention.
Basically, especially at this time, 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.”
Buterin says that if the industry were to see a wave of regulatory actions, he would prefer if it were done in a way that preserves privacy. He suggests that rules and restrictions could be enforced using zero knowledge (ZK) proofs, which is a method by which one party can prove to another party that a given statement is true without revealing any unnecessary information, such as one’s identity.
“Also, I would love to see rules written in such a way that requirements can be satisfied by zero-knowledge proofs (ZKPs) as much as possible. ZKPs offer lots of new opportunities to satisfy reg policy goals and preserve privacy at the same time, and we should take advantage of this!”
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Source: https://dailyhodl.com/2022/10/31/ethereum-eth-creator-vitalik-buterin-says-crypto-industry-doesnt-need-institutional-adoption-yet-heres-why/