Ethereum co-founder and head of the ConsenSys Joseph Lubin (Lubin Joseph) believes that the cryptocurrency space needs to be regulated, but it is very important that it did not develop the innovation.
Lubin said that he welcomes cryptocurrency regulation as in the United States and in other countries. As he said in an interview with Bloomberg at the conference «Viva Tech» in Paris, in some cases, the intervention of the regulators in processes occurring in the cryptocurrency market, just need. However, governments need to establish clear legal definitions that delineate tokens and securities.
It is important to note that regulators are not going to hinder the development of innovative technologies, but rather strive to find the optimal balance between decentralization and the regulation of the industry. This is partly due to the fact that they still did not impose a complete ban on the cryptocurrency assets, as it did in China.
However, regulators still have not developed a clear definition on the classification of tokens and the degree of application of the securities act. These are the «veterans of the blockchain» as Lubin help to develop normative rules for the functioning of the cryptocurrency market.
«Now we are intently working to create clear definitions and help regulators around the world to understand the difference between the business models of tokens and tokens are utilitarian,» said Lubin.
On the question of the outbreak in the U.S. investigation about the possible manipulation of the price of bitcoin, Lubin explained that the reason for the high volatility of the markets can be a relatively low value of all assets, the novelty of the technology and the large number of conflicting news.