In a recent exchange with Matt Huang, Co-Founder and Managing Partner of Paradigm, a crypto-focused venture capital firm, Ethereum’s creator Vitalik Buterin expressed his concerns over the U.S. policy approach to cryptocurrency. His comments came in the wake of the U.S. Security and Exchange Commission’s (SEC) lawsuits against Binance and Coinbase, two of the world’s largest cryptocurrency exchanges.
The SEC’s allegations against Binance and Coinbase include offering unregistered securities to the public. The lawsuits have also cast a shadow over several other tokens, including Solana (SOL), Cardano (ADA), Polygon (MATIC), Coti (COTI), Algorand (ALGO), Filecoin (FIL), Cosmos (ATOM), Sandbox (SAND), Axie infinity (AXS), Decentraland (MANA), BNB (BNB), Voyager Token (VGX), Chiliz (CHZ), NEAR protocol (NEAR), Flow (FLOW), Dash (DASH), NEXO (NEXO), and Internet Computer (ICP).
These allegations have left the status of these tokens in a state of uncertainty, creating risks for markets and participants transacting in these tokens, as well as potentially for their creators. This was highlighted by Jesse Overall and Steve Gatti, attorneys at the UK-based law firm Clifford Chance, in a recent conversation with CoinDesk.
In this context, Buterin’s comments reflect a sense of solidarity with other blockchain projects, particularly Solana. He expressed regret that Solana and other projects are being targeted in this manner, stating, “They don’t deserve it, and if Ethereum ends up ‘winning’ through all other blockchains getting kicked off exchanges, that’s not an honorable way to win, and in the long term probably isn’t even a victory.”
Buterin’s comments underscore the fact that the real competition for blockchain projects is not each other but the rapidly expanding centralized world that is imposing itself on the decentralized space. He concluded his remarks by wishing all “honorable projects” a fair outcome in the ongoing situation.