- Paul Atkins’ use of “on-chain” triggered a debate among Coinbase executives.
- Participants have interchanged “on-chain” and “onchain” for several years.
- An argument arose after a crucial announcement by the SEC chair.
A supposedly insignificant detail in one of the blockchain industry’s most common terminologies has caused a debate among crypto industry leaders.
An argument arose among top Coinbase officials after the SEC chair, Paul Atkins, used the word “on-chain” in an official statement.
Who makes the grammatical rules?
Following the SEC chair’s use of “on-chain” in place of “onchain” in his statement, Coinbase’s chief legal officer (CLO), Paul Grewal, noted that it has laid to rest the argument over which of the two is suited for the industry. Grewal argued with Viktor Bunin, Coinbase’s protocol specialist, who insisted that the SEC chair’s use of the term does not guarantee that it is the right term.
It is worth noting that participants in the blockchain community have interchanged the words “on-chain” and “onchain” over the years. However, the issue concerning which term was most appropriate for the ecosystem, or which was grammatically correct, remained a background topic.
Most users did not care about the language’ correctness, except to ensure consistency in specific literature and to maintain a particular term whenever it was used.
More about the message than the grammar
In the meantime, Grewal argued that Atkins’ authority in the blockchain and cryptocurrency industry should confirm the right term, and other industry participants should follow suit. The Coinbase CLO ignored any existing rules about the English language that could nullify the SEC chair’s preference, insisting that his status gives him the power to decide over such minor controversies in the blockchain industry.
For context, the SEC Chair noted that the commission is at the threshold of a new era in the markets. He announced the launch of “Project Crypto,” a Commission-wide initiative to modernize the securities rules and regulations to enable America’s financial markets to move “on-chain.” Atkins noted that the initiative will execute recommendations made in the President’s Working Group (PWG) and build on the new GENIUS Act’s federal framework for payment stablecoins.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
