Vitalik Buterin deeply sympathizes with Solana (SOL)
The co-founder of the Ethereum network has announced that he is a critic of how the SEC attacks projects in the digital currency sector.
Although one of the most popular cryptocurrency projects, Solana, is a competition for Ethereum, Vitalik Buterin is not enthusiastic that this project is bleeding due to attacks by the US regulator. The Russian-Canadian developer assumed that the ETH network would not win an honorable victory if the most serious competition was defeated by the SEC.
Ethereum co-founder sympathizes with Solana
The 29-year-old programmer who is a key figure in the second largest cryptocurrency project is definitely not happy with the fact that the most serious competition for Ethereum has suffered heavily in the last time due to the fact that it was mentioned in numerous lawsuits against two leading digital currency exchanges. It is worth adding that Solana was described in these court documents as a form of unregistered securities.
“I feel extremely bad that Solana and a number of other cryptocurrency projects are being attacked in such an inelegant way. They definitely don't deserve this kind of treatment," said Vitalik Buterin, adding that Ethereum's victory over other blockchain companies will not be honorable if their tokens are brutally banned from cryptocurrency exchanges due to nonsensical accusations made by the SEC.
Earlier, the popular Russian-Canadian programmer tweeted several posts about the urgent need for cooperation between entrepreneurs across the digital currency industry. In the opinion of this developer, the real competition for projects in this sector is not other blockchain networks, but a centralized environment.
Vitalik Buterin, in his frustration, finally expressed his strong hope that the whole situation described above will soon be resolved for the benefit of widely respected projects in the cryptocurrency space.
The current SEC attack on the digital currency industry
SEC chairman Gary Gensler said some time ago that in his opinion only Bitcoin (BTC) can be classified as a commodity. All kinds of altcoins are securities that are subject to registration in any case. At this stage, it is still unknown how this official came to the Ethereum project, which recently changed its consensus mechanism from Proof of Work (PoW) to Proof of Stake (PoS).
In 2018, one of the former employees of the SEC - William Hinnman gave a fiery speech at MIT, in which he decided that ETH should also be classified as a commodity. Moreover, this person expressed a firm belief that any sufficiently decentralized token cannot be interpreted as a security.
During one of the hearings that took place in the recent past, Gary Gensler definitely did not want to give any opinion on the topic of how the Ethereum network should be currently classified. Although this digital currency was not listed on the SEC's infamous list of unregistered securities, it is worth noting that just a few months earlier, the regulator had fined the popular exchange Kraken for its activity of offering the Ethereum staking service to American clients.