- Some voiced worries about the consequences of regulatory scrutiny, while others agreed.
- Responsible growth of Crypto and Web3 is possible with the correct regulations as per the CEO.
One of the most important factors in the future of Web3 and cryptocurrency, according to CryptoQuant CEO Ki Young Ju, is regulation. Ju said in an X post from September 29 that crypto and Web3 could “thrive responsibly” if the appropriate regulations were in place to reduce the prevalence of frauds and increase confidence.
The crypto community was divided at Ju’s remarks. Some voiced worries about the consequences of regulatory scrutiny, while others agreed with him.
Mixed Reaction from Community
According to Ju, millions of individuals might experience a dramatic change as a result of Web3, which facilitates borderless cooperation and operates more like a protocol than a company. The CEO of a blockchain analytics platform, however, said that, similar to other financial sectors, the industry’s image is tarnished by scams and that “smart regulation” is necessary for the industry’s sustainable development.
Responsible growth of Crypto and Web3 is possible with the correct regulations. Eventually, the government will see it through. How much time do you think it will take, the CEO added.
When asked about Ju’s opinion on the need for regulatory control, the crypto community had a varied reaction. While some saw his position on regulation as a positive development, others saw it as a danger. A commenter claimed that crypto and Web3 are frauds and that legislation would put a cap on the “huge profits” that crypto provides.
Another person voiced their disapproval of regulators taking control, suggesting (in a rhetorical and satirical manner) that the community should take it easy and let the experts figure out what’s best.
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