Ethereum (ETH) creator Vitalik Buterin is not seeing eye to eye with Microstrategy executive chairman Michael Saylor when it comes to the custody of Bitcoin (BTC).
In an interview, Saylor said that unlike with Bitcoin held by unregulated entities, lawmakers and law enforcement authorities are less likely to go after crypto held by regulated public entities such as financial titans BlackRock and JP Morgan.
“I think that when Bitcoin is held by a bunch of crypto anarchists who aren’t regulated entities, who don’t acknowledge government or don’t acknowledge taxes or don’t acknowledge reporting requirements, that increases the risk of seizure.”
Buterin responded to Saylor’s statement, saying he does not share the same view about the corporate custody of Bitcoin.
“I’ll happily say that I think Saylor’s comments are batshit insane.
He seems to be explicitly arguing for a regulatory capture approach to protecting crypto (‘when you have regulated public entities like Blackrock and Fidelity and … holding the asset, all the lawmakers and law enforcement arms are invested in those entities’). There’s plenty of precedent for how this strategy can fail and for me, it’s not what crypto is about.”
Following Buterin’s criticism, Saylor said anyone can choose however they want to hold their crypto assets.
“I support self-custody for those willing & able, the right to self-custody for all, and freedom to choose the form of custody & custodian for individuals & institutions globally. Bitcoin benefits from all forms of investment by all types of entities, and should welcome everyone.”
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