VanEck Advisor Gabor Gurbacs Concerned Over the Impact of Stringent Crypto Regulations on Innovation
VanEck advisor Gabor Gurbacs expressed concerns on March 27 over the incompetence of modern-day crypto regulations and their negative effects on innovations.
His criticism stemmed from the instability in the crypto industry as it relates to the regulatory framework in light of the US Securities and Exchange Commission (SEC) postponement of potential approval of VanEck’s spot Ethereum ETF application.
Gurbacs shared his dissatisfaction in an X post, as he highlighted the extent of the limitation of innovations and the negative economic outlook caused by ineffective regulatory frameworks by relevant authorities.
I am personally unhappy with how regulators in developed markets managed the first decade of digital asset regulation. They manage to simultaneously enable scammers, hamper actual innovation and protect incumbents on the expense of those building better systems.
— Gabor Gurbacs (@gaborgurbacs) March 27, 2024
The shared concern by the VanEck advisor came shortly after the SEC announced the delay in VanEck’s spot Ether ETF application on March 20.
The United States Securities and Exchange Commission (SEC) recently announced the postponement of a potential decision regarding an application for a spot Ethereum exchange-traded fund (ETF) submitted by asset manager VanEck. This delay was outlined in a notice issued on March…
— Brian Leonel Padilla (@Brian_OjosLocos) March 22, 2024
Gurbacs also drew attention to the rise of scammers in the blockchain sector, which has become a hotbed for fraud.
His observation aligns with Chainalysis 2024 crypto crime report data, which disclosed that illicit crypto addresses received $24.2 billion in 2023.
Additionally, the advisor noted that while there are a few exceptions to his criticism,
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