February 5, 2023

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Vitalik Buterin, the co-founder of Ethereum, recently supported those who push against various restrictions that the Canadian government hopes to impose on the crypto market. Buterin specifically mentioned those who do not like when some cryptocurrencies are prioritized over others and noted that he was thankful for the recognition of ETH by Canadian regulators but does not see it as something praiseworthy.

The intention of the Canadian government to implement stricter regulations in the crypto market follows some intense confrontations within the crypto community. The infamous Conversation between the regulatory body of the US (SEC) and Ripple representatives resulted in accusations that Ethereum could be easily controlled by the Chinese government due to the potentially vulnerable consensus mechanism. Buterin did not take it lightly and announced that XRP won’t receive any support from him or the Ethereum network in regards to the situation in Canada.

Questionable decisions

The Canadian government decided to create a new protection layer for investors looking into the prospect of buying tokens of crypto projects. One of the biggest changes was the new annual limit of CAD 30 000 on purchasing coins. Only four tokens were selected as “safe”:

  • ETH (Ethereum);
  • BTC (Bitcoin);
  • BCH (Bitcoin Cash);
  • LTC (Litecoin).

The selection of supposedly safe tokens confused many enthusiasts. For example, Bitcoin Cash has been criticized by many for not being profitable and losing value over time. Litecoin is considered by lots of active investors an obscure financial asset that fails to live up to big expectations.

Ethereum is preparing for a massive merge and, reportedly, the network is ready for the upcoming September event. It is hard to argue against ETH since it is an underlying network hosting numerous successful crypto projects. Bitcoin is a coin that defines the whole industry and its inclusion in the list of “safe” coins is understandable.

However, many members of the community were perplexed by the decision to put them on the same level as BCH and LTC when there are, arguably, much better and more stable tokens. It seems that the CSA will be under fire for quite a while judging by how their decisions were met by crypto investors.

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