In his written responses shared with Bitcoin.com News, the Hedera Council leader highlights the importance of advocating for clear and fair regulations that protect consumers while fostering innovation. This approach, he believes, will also help the industry achieve its long-term goals.

Regarding the U.S. Securities and Exchange Commission (SEC)’s apparent about-face on Ethereum (ETH), Adkins characterized the change of heart as a milestone that signals “greater regulatory acceptance and recognition of digital assets.” Adkins added that the approval of a spot Ethereum exchange-traded fund (ETF), widely anticipated to happen on or before July 4, will boost the legitimacy and utility of the number two crypto asset in the financial ecosystem.

Meanwhile, in his other responses, the Hedera Council president discussed the prospects of the SEC approving more spot crypto ETFs, as well as potential solutions to the decentralized finance (DeFi) sector’s growing security challenges. Below are Adkins’ answers to all the questions received.

Charles Adkins (CA): The approval of the spot ether ETF represents a significant milestone for the cryptocurrency industry. It signals a shift towards greater regulatory acceptance and recognition of digital assets. This decision acknowledges Ethereum’s growing legitimacy (and that of crypto more generally), as well as its utility within the financial ecosystem.

By providing a regulated investment vehicle, the ether ETF opens new opportunities for
institutional investors to participate in the crypto market, promoting wider adoption and fostering a more mature and robust industry.

CA: While it is difficult to predict the exact number of spot crypto ETFs that will be
approved, the trend suggests a growing acceptance of such investment vehicles. The approval of additional spot ETFs may be significant for the crypto industry as it provides a regulated pathway for mainstream investors to gain exposure to digital assets.

This can enhance market liquidity, increase transparency, and build investor confidence in the sector. As more ETFs receive approval, it will likely lead to greater integration of
cryptocurrencies into traditional financial portfolios, further solidifying the role of digital assets in the global financial landscape.

CA: Lobbying efforts play an important role in shaping policy in the early days of most
industries. However, in the long term, the crypto industry needs to take a more sustainable
approach to crypto advocacy and focus on broadening engagement and education across all
levels of government and society. The industry must focus on demonstrating the tangible benefits of blockchain technology, such as financial inclusion, transparency, and innovation.

Building alliances with diverse stakeholders, including regulators, academics, and industry leaders, will carve a path for more balanced and informed discourse. Additionally, advocating for clear and fair regulations that protect consumers while fostering innovation will be crucial in achieving the industry’s long-term objectives.

CA: Addressing the challenges of real-world asset tokenization requires a multi-faceted
approach. At Hedera, we focus on building robust and secure infrastructure that can support the tokenization of physical assets by our ecosystem builders. This includes ensuring we have a scalable network, enhancing security protocols, and providing transparent and immutable records of ownership and transactions.

CA: Improving the security of DeFi systems requires a comprehensive approach that
includes education, technological advancements, and industry best practices. First, rigorous
security audits and continuous monitoring should be standard practice for all DeFi platforms.

Second, implementing robust smart contract development practices and utilizing formal
verification methods can help identify and mitigate vulnerabilities before they are exploited.
Additionally, promoting greater collaboration within the industry to share knowledge and develop common security standards can enhance overall resilience. Education and awareness programs for users about security best practices and risks are crucial for creating a safer DeFi ecosystem.

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