The CEO of CryptoQuant called on the community to be skeptical
CryptoQuant CEO Ki Young Joo called for regulation as a key factor in the long-term growth of Web3 and cryptocurrency.
In a September 29 X post, Ju argued that crypto and Web3 can “responsibly thrive” with the regulatory framework necessary to mitigate fraud and build trust.
Ju's comment sparked a debate among the crypto community. While some supported his views, others expressed concern about the implications of regulatory oversight.
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Web3 capabilities and monitoring needs
Ju says Web3 enables “borderless collaboration,” is more akin to a protocol than a corporation, and will make a difference to millions of people.
“…global corporations like Google employ hundreds of thousands of people, Web3 protocols may one day involve millions.”
However, the CEO of a blockchain analytics platform pointed out that the industry's reputation for fraud is “like any other financial sector” and needs “smart regulation” for long-term growth.
“With the right regulations, Crypto and Web3 can grow responsibly. One day the government will do it. The question is how long will it take?”
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Reactions of the mixed crypto community
The crypto community's reactions to June's takeover were mixed regarding the need for regulatory oversight. Some agree with the position on the rule, while others may perceive it as a risk.
One user commented that the regulation would limit “big profit” crypto deals and said “crypto and Web3 are scams.”
Another user raised concerns about “handing everything over to the regulators”, saying, ironically, that society should “play it safe and let someone else decide what's best”.
“And of course, without a big profit, even these technologies are nothing – because as we all know, financial gain is the only reason to care about decentralization, privacy and freedom, right?”
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The centrality of rules
In response to Ju's article, some concerns were raised about the centralization of regulation, which could stifle competition and abolish monopolies.
Emphasizing this concern, he described people as “incompetent” and vulnerable to opening the “gates of corruption”, but markets ended up with an alternative solution that could be “self-regulating”.
Aside from the centralization of control, Ju recently raised another centralization-ridiculous argument, claiming that China currently controls 55% of the Bitcoin (BTC) network hashrate.
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