- Ki Young Ju, CEO of CryptoQuant, called for “smart regulation” in Web3 and crypto, arguing that it could transform the space into a trusted and stable environment.
- Ju emphasised that Web3 operates more like a protocol than a corporation, with the potential to involve millions of participants, unlike traditional companies.
- His stance sparked mixed reactions, with some in the crypto community supporting regulation while others feared it would limit profits, hinder the industry’s growth, and foment corruption.
Ki Young Ju, the CEO of CryptoQuant, is probably having his DM full of crypto users criticising him over his recent tweet discussing what he believes is the ideal regulation of Web3 and crypto.
Ju started with a catchy title: “Crypto and Web3: Not a Scam, If Well-Regulated”, which is pretty self-explanatory. He emphasised that Web3 works more like a protocol than a corporation, changing how humanity collaborates, stating that while mega-corporations like Google employ hundreds of thousands of people, Web3 protocols could “one day involve millions”.
“Yes, scams exist—like in any financial sector—but that shouldn’t overshadow the vast potential of blockchain technology. With smart regulation, Web3 could transform into a stable, trusted space. Short-term slowdown? Maybe. Long-term growth? Definitely.”
Related: Kamala Harris Promises to Make US “Dominant in Blockchain”
The Role of Regulation in Crypto
Ju’s comments sparked a debate within the crypto community, with varying opinions on the role of regulation in the space, especially with that line talking about the government getting its hands on crypto.
While some supported his stance, others expressed concern about the impact regulatory oversight might have on the industry. One user claimed that regulation would limit the typical high-margin profits that crypto offers and even labelled the industry as a scam.
Ju responded by saying penny stock in the early stock market evolved into today’s Nasdaq tech stocks, and that coins that create social value would experience future investment demand. Another user questioned the need for regulation, sarcastically suggesting that the community should let others dictate what’s best for them.
Related: Gary Gensler Says BNY Mellon Crypto Custody Approval Could Go Past BTC, ETH ETFs
Some responses to Ju’s post raised concerns about centralising regulations. Vini Barbosa, editor at Finbold, has no hope in humanity, stating that humans are “failable” and “will, most of the time” act in their best interest first, leading to monopolies, restricted competition, and corruption. It’s the market that might be capable of “self-regulating”.
In related news, CryptoQuant’s analysts believe Bitcoin is on the cusp of a rally as it approaches its three-month average buy price from short-term holders. The recent price uptick can be attributed to the Fed’s 50 bps interest rate cut.
Credit: Source link
