As the debate over cryptocurrency regulation continues, former Ethereum advisor Steven Nerayoff has become a public voice criticizing the approach the US Securities and Exchange Commission (SEC) has taken to cryptocurrencies, especially under the leadership of the agency's head, Gary Gensler. n
Erase Cash He goes beyond regulatory policy to consider the broader ramifications for the cryptocurrency market, pointing to the damage caused by Gensler and Joseph Lubin, co-founder of Ethereum.
Impact on encryption from bad actors
The security status of Ethereum has been an important debate in the cryptocurrency industry with the Securities and Exchange Commission (SEC) planning enforcement measures to regulate it. Ethereum As a guarantee. However, former ETH advisor Steven Nerayoff believes that the industry is not at odds with Ethereum, but rather with Joseph Lubin and other negative actors, especially SEC Chairman Gary Gensler.
According to Neryov, the Ethereum co-founder and other bad actors have done significant damage to the cryptocurrency sector through their actions over time. As a result, the total market capitalization of cryptocurrencies declined, hindering the expansion of the ecosystem and defrauding the public of hundreds of billions, and perhaps trillions of dollars.
He explained that by putting their financial gains ahead of decentralized application creation and real value, the market capitalization saw less growth compared to what Nereov expected. “It is clear that without them, the market value would easily have been 10 times or more its current value,” he said.
Nereov He claims Lupine is the height of uncertainty, trying to play the victim despite his lawsuits against the SEC over Ethereum and his response to the SEC's questions regarding MetaMask.
Last month, the SEC filed a notice for Wells to Consensus While it is primarily intended to serve its MetaMask wallet, indicating a potential regulatory conflict. Lubin, in response to the SEC's move, claimed that the agency is pursuing a strategic series of enforcement actions instead of having transparent rules and open communications, thus endangering the cryptocurrency landscape.
However, Nerif, unsatisfied with Lupine's response, believes it is nothing more than a deceptive scheme by the ETH co-founder, carried out in coordination with Gary Gensler and the SEC.
He further stated that it is clear that Lupine is afraid of his failure and the proof is there. “From securities fraud to market manipulation, collusion with foreign governments and U.S. government agencies, he did it all,” Nereoff said. These actions, according to Narayov, committed by Lupine could send him to prison for a long time.
The need for organizational transparency and growth
Given the negative impact these bad actors have caused over the years, Nerov stressed the need for proper supervision and monitoring. clarityWhich is vital to the development of the cryptocurrency scene.
The former Ethereum advisor noted that investors were harmed by these wrongful actions, and it is appropriate to bring these dishonest people to justice. He added: “It is time to demand transparency. The industry deserves better than what these bad actors have given it, and it is time to take the necessary measures to ensure that cryptocurrencies flourish for the better.”
Featured image from iStock, chart from Tradingview.com