Vitalik Buterin, the co-creator of Ethereum (CRYPTO: ETH), wants more protection for the average cryptocurrency investor.
What Happened: Buterin pointed to the Federal Deposit Insurance Corporation in the United States and Singapore’s employment law as examples of protecting vulnerable individuals.
The obvious precedent is FDIC insurance (up to $250k per person)An interesting unrelated one is Singapore employment law. Stronger regulation for low-earning employees, and a more figure-it-out-yourself approach for the wealthier.
IMO things like this are good hybrid formulas. pic.twitter.com/25XkfE8UVc
— vitalik.eth (@VitalikButerin) May 14, 2022
Buterin, who is also a Singaporean citizen, said that in the city-state there is “stronger regulation” for low-earning employees and a more “figure-it yourself” approach for the wealthier.
“IMO things like this are good hybrid formulas,” said Buterin.
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Why It Matters: On Sunday, Buterin reacted to the TerraUSD (UST) fiasco and the resulting collapse in the value of the stablecoin along with the sharp depreciation in Terra (LUNA).
The Ethereum co-creator said he strongly supports “coordinated sympathy and relief for the average UST smallholder” on Twitter (NYSE:TWTR).
Strongly support this. Coordinated sympathy and relief for the average UST smallholder who got told something dumb about "20% interest rates on the US dollar" by an influencer, personal responsibility and SFYL for the wealthy. https://t.co/YfNlpvAizg— vitalik.eth (@VitalikButerin) May 14, 2022
Price Action: ETH traded 3.05% lower over 24 hours at $2,079.02, according to data from Benzinga Pro.
Read Next: Vitalik Buterin Sends 500 Ethereum (ETH) Coins To Dogecoin Foundation
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