Vitalik Buterin, the creator of Ethereum, has spoken out against the cryptocurrency ETFs. According to him, the industry needs to mature before such products are approved by regulatory agencies. He made this statement during a panel discussion at TechCrunch Sessions: Blockchain event.
Vitalik Buterin, the co-founder of Ethereum, has weighed in on the SEC’s decision to delay its decision regarding Bitcoin ETF applications.
In a comment on Twitter, Buterin stated that he is “kinda happy with this ETF delay.” According to him, it gives more time for people to understand what an ETF is and how it works before they make their decisions about it. He also added that maturity over attention should be the priority at this point.
The crypto market is still young, and Buterin believes it needs to mature before an ETF can be introduced. The SEC’s recent delay of the VanEck Bitcoin Trust ETF was “disappointing,” he said during an interview.
Vitalik Buterin Okay With Delays
Vitalik Buterin told the media that the crypto industry should focus on building up infrastructure and reaching maturity before introducing new products like crypto ETFs: “I think we have an opportunity to grow up first before we get distracted by financial engineering.”
He says: “I think I would be happy if there were ETFs on ethereum classic or monero but not on bitcoin right now. Because if there was an ETF where every day 100k new users were coming into bitcoin through it, then they would come into an ecosystem that has high fees and low transactions per second and no privacy model that works well at all.”
It is good news that the SEC is taking its time with cryptocurrency ETFs. We are in an exciting time where this industry is growing up and becoming more mature. The SEC has made a wise decision by not rushing into approving crypto ETFs before they have fully matured as an asset class.
