The Ethereum merge has brought at least one unintended consequence that critics argue threatens the whole premise of the network: More than half of its activity is now subject to new U.S. government sanctions
It’s a twist that runs counter to everything Ethereum stands for, as it has long prided itself on being autonomous from governments and resistant to censorship.
“[Government] regulators will look at this and say, ‘Okay, that was easy.’ And if Ethereum becomes a centralized, censorship-controlled chain that also has bad scalability, then there’s no point in building on Ethereum any more,” says Lachlan Feeney, the founder and CEO of the blockchain consulting and development company Labrys. “So this issue attacks the core premise of Ethereum.”The U.S. crypto sanctions that are now affecting Ethereum were issued about a month before the merge.
But given the slowness of legal processes, it’s unlikely the issue will be resolved in court any time soon. Before that happens, various players in the Ethereum ecosystem have been forced to make their own decision about whether to abide by OFAC’s rules—in the process, betraying the community’s ideals—or potentially risk lawsuits, fines, or even jail time. .
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