According to Odaily, Vitalik Buterin, in a response to a user on the Warpcast platform, expressed his concerns about the current regulatory environment for cryptocurrency developers. He stated that the existing regulations, particularly in the United States, have pushed honest cryptocurrency developers into a corner.
Buterin explained that if one engages in unproductive activities or solicits money from people in exchange for vague promises of potential returns, they are considered free and innocent. However, if one attempts to clearly explain to their clients where the returns are coming from and what rights they are entitled to, they are doomed because they are considered 'securities'.
He further criticized this 'anarchic tyranny' for creating an incentive gradient that is worse than pure anarchy or pure tyranny. From an anarchic perspective, there seems to be an endless stream of bad actors, scammers, and baseless speculators on social media and sharing platforms.
Previously, Buterin had proposed three solutions to address the issue of 'useless' cryptocurrency products and services. These included limiting leverage, requiring audits and transparency, and controlling usage through knowledge tests.