• Ethereum co-founder Vitalik Buterin recently expressed solidarity with Solana, a rival blockchain project.
• The SEC has named several cryptocurrencies, including Solana (SOL), as securities in a sweeping lawsuit against Binance.
• Buterin argued that the real competition is not between other chains but rather the „rapidly expanding centralized world.“
Ethereum Co-Founder Supports Rival Project
Ethereum’s founder Vitalik Buterin has voiced support for Solana, a blockchain project under increasing pressure from US regulators. In a recent Twitter AMA session, Buterin expressed his concern for Solana and other crypto projects facing regulatory scrutiny. He argued that the real competition is not between other chains but rather the „rapidly expanding centralized world.“
SEC Names Several Cryptocurrencies as Securities
In June 5th, the U.S. Securities and Exchange Commission filed a lawsuit against Binance and named several cryptocurrencies, including Solana (SOL), as securities. This development has significant implications for these digital assets and their respective blockchain platforms.
Buterin Urges Crypto Companies to Close Ranks
Amid increased regulatory scrutiny, Buterin urged crypto companies to close ranks in order to protect themselves from external threats. He believes that if Ethereum ends up “winning” through all other blockchains getting kicked off exchanges it would be an “unhonorable way to win” in the long run.
Implications of SEC Lawsuit on Crypto Projects
The SEC’s actions have far reaching implications for crypto projects like Solana and their respective platforms. Without proper regulation on these emerging technologies, investors may be exposed to significant risk without sufficient protection from regulators or market participants.
Conclusion: Solidarity Between Crypto Companies
Buterin’s declaration of solidarity with Solana and other crypto projects indicates the need for cooperation among crypto companies in order to survive such legal pressures brought by US regulators like the SEC. By uniting forces in this manner, they can ensure greater security against potential risks within this industry in the long term
