Ethereum co-founder, Joe Lubin believes that the sector is currently in an excellent place. In addition to co-founding Ethereum, he is also the founder of ConsenSys.

“Digital currencies are not on the edge of a collapse. We’ve seen lots of booms and busts in our ecosystem over the last nearly 10 years, and our ecosystem has never been stronger than it’s been,” he told CNBC.  “I measure that in terms of the number of projects, the number of people who have been drawn into the space, entrepreneurs, developers. Its order of magnitude is bigger than it was, and the foundational structure is getting built out.”

His thoughts on regulations

Furthermore, Lubin discussed the issue of regulations in the crypto space. He believes that there will be plenty of self-regulatory action in the future. Therefore,  Lubin feels that technology as such doesn’t require regulation. However, it is necessary to regulate the use of this technology.

These comments follows the announcement of the Financial Action Task Force (FATF)  regarding the release of crypto guidelines. This entity are a financial watchdog with offices in Paris. They aim to release these guidelines by June 2019.

Minimize the Risks according to Joe Lubin

Additionally, the goal of the proposed guidelines is to minimize the risks that are present in the current crypto market. However, many in the space are not in favor of this type of regulations. According to them, these rules somewhat undermine the idea of an industry that does not have central figures.

However, considering the substantial interest in the sector, regulating guidelines are necessary. With large sums of money flowing in, it is imperative that hackers and fraudsters are kept at bay by the authorities.

Whatever the case may be, the comments by Lubin will provide comfort for many in the future. Some projects, such as ChainLink is thriving at the moment. It will be interesting to see how this pattern continues to gain momentum going forward.

 

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