Joe Lubin, Ethereum co-founder says cryptocurrencies are not on the edge of collapse and that the digital space has seen a lot of bust and boom in the past 10 years. He further talked about the regulatory unclarity in the market and that the use cases of technology is that get regulated, not the tech itself.
Booms and busts are part of the game
As cryptocurrencies get stuck in about no-movement zone, everyone has yet again jumped on the, if the crypto market is soon going to collapse bandwagon. Well, the collapse is not happening, not according to Joe Lubin.
In his interview with CNBC, Ethereum co-founder, Joe Lubin outrightly disagreed and rather stated the digital asset market is growing at a good pace. Lubin said:
“Cryptocurrencies are not on the edge of collapse, we have seen lots of booms and bust in our ecosystem over the last nearly 10 years and our ecosystem has never been stronger… And I measure that in terms of the number of projects, the number of people who have been drawn into this space… entrepreneurs, developers, its orders of magnitude is bigger.”
According to him, “foundational infrastructure is getting a build out.” The crypto market is constantly growing when it comes to growth and development. Additionally, institutional investors are now also heading into the crypto space.
The regulatory factor: Making headway
Further talking about the regulatory factor, Lubin commented that there is a regulatory uncertainty regarding the “movement of value,” to some extent.
He shared that blockchain is about building infrastructure for decentralized applications, for tokenized systems, and crypto assets like equities and securities. On that front, according to him “we have made tremendous headway in reducing uncertainty.”
The different jurisdictions, smaller and bigger are taking positive steps forward as he points out the “US regulators are getting a good understanding of the value of technology.” As for if according to him cryptocurrencies needs to be regulated, he believes there would be a lot of self-regulatory activity in this space.
Lubin further commented on why Ethereum doesn’t need to concern itself of the regulatory aspect. He says, “We at our company Consensus don’t focus very much on cryptocurrencies.”
“Bitcoin is a cryptocurrency, Ether has some characteristics of cryptocurrencies… it is a crypto fuel or crypto commodity,” adds Ethereum co-founder who further elaborates that Ethereum is a decentralized platform that “doesn’t need to be regulated,” says Lubin.
He concludes with the fact that they can’t regulate technology as the different use cases of technology get regulated not the technology itself.