The founder of Waves Blockchain believes that regulation is needed to tackle market manipulation in the crypto space.
Sasha Ivanov, Founder and CEO of Waves Smart Contract Blockchain bean crypto In a recent interview that the cryptocurrency market needs regulation. According to Ivanov, the regulation will deal with market manipulation.
Waves CEO had a public dispute with FTX founder Sam Bankman-Fried over market manipulation. When asked about this, Ivanov said;
“Cryptocurrency market manipulation is a sign of the times; it doesn’t happen as much as we want it in the space, yet it is there. People with large balances and a high level of intelligence are able to profit at the expense of retail traders. Ours The resolution is regulation, which is on its way out. In the meantime, we are working on our own solutions, such as the upcoming launch of PowerDAO to help us regulate our own ecosystem.”
The crypto market is largely unregulated at this point, and Ivanov said the situation needed to change. he said;
“While this may not be the most popular opinion, I believe that we need regulation to protect users. Thus, we are looking to find some real and efficient solutions through intelligent dialogue with regulators. That being said, we need to respect the values of immutability, resistance to censorship and decentralization when regulating – there has to be some compromise here or else, the core values of crypto will be compromised.
Despite calls for regulation, Ivanov does not think the government should impose a complete ban on certain crypto projects, as he did with Tornado Cash. Ivanov said;
“Blanket bans on accounts linked to Tornado Cash and arresting developers for creating code to be used for illegal methods is utterly ridiculous. Imagine sending a knife inventor to prison for the crimes he committed! Ridiculous that this is where they have gone with enforcement actions. There needs to be an informed discussion about what blockchain technology is before such knee-jerk enforcement actions can be taken. Values of people in the space We are happy to speak with regulators at any time about how to do this sensibly while respecting this.”
Regulators in different parts of the world continue to work to regulate the wider crypto market. However, there is no unified cryptocurrency regulation at this point.