Ki Young Ju wrote a post about why regulations are a must for crypto and Web3 to stop scams. The community responded with varying views.
Ki Young Ju, CryptoQuant’s CEO, expressed his views about how regulations are needed to ensure the Web3 industry heads in the right direction. The massive number of scams in the industry skews the perceptions of many about it.
“Yes, scams exist—like in any financial sector—but that shouldn’t overshadow the vast potential of blockchain technology,” Ju’s X post read. “With smart regulation, Web3 could transform into a stable, trusted space. Short-term slowdown? Maybe. Long-term growth? Definitely.”
Ju also mentioned how Web3 protocols mark a “revolution in the way humanity collaborates” and that the industry could employ millions, unlike how “corporations like Google employ hundreds of thousands of people.” He also mentioned that the borderless nature of on-chain implementation makes the entire industry work like a “protocol” instead of a “corporation.”
“With the right rules, Crypto and Web3 can thrive responsibly,” he said while mentioning how governments can make that happen and pondering how long that could take. Furthermore, he spoke of how none of that will occur without government interest. “I just wish politicians would speak up about crypto to drive progress.”
The Crypto-Community Discusses Regulations
His post drove a community-wide conversation, with some agreeing with his stance and others firing back. The crypto community has always been divided about regulations, with one group believing regulations to be the way forward for safer investor and user experience and the other group wanting no government involvement to ensure decentralization.
One user stated, “Centralized regulations are the scam.” He believes that government regulations create monopolies, like what is observed in any industry and remove competition. “Humans are failable and will, most of the time, act in their best interest first, which opens doors for corruption.” They prefer the market to self-regulate itself.
Another user agreed with Ju, mentioning, “Regulation is key,” while adding regulators must ensure their laws do not stifle innovation in the industry. “Politicians who engage with crypto are crucial for driving this forward.”
While the two users depicted the two sides of the community concerning regulations, another user called crypto and Web3 a scam. Their reasoning comes from how regulations will cut the huge profits observed with crypto, and without the profits, the industry would not mean much. Another user took a dig at this take by sarcastically posing a rhetorical question about how “financial gain is the only reason to care about decentralization, privacy, and freedom.”
