Feb 11, 2023

Joseph Lubin Confident ETH Not Classified as Security in US

Joseph Lubin, the Ethereum co-founder and founder of blockchain tech firm ConsenSys, expressed his confidence that Ether (ETH) won’t be classified as a security in the United States. Cointelegraph had the opportunity to speak with Lubin at the Web3 event, Building Blocks 23, in Tel Aviv.

When asked if ETH could be classified as a security in the U.S. after Ethereum’s switch to a proof-of-stake (PoS) consensus model, Lubin stated that it was as likely as Uber being made illegal. He further added that such an event would cause a tremendous outcry from the crypto community and different politicians and regulators.

In September, Securities and Exchange Commission Chairman Gary Gensler suggested that the blockchain’s transition to PoS could have brought ETH under the regulators’ jurisdiction. Gensler believed staking coins gave “the investing public” anticipation of “profits based on the efforts of others.”

Lubin was part of the discussions with the SEC and the Commodity Futures Trading Commission for a number of years. He mentioned that around five years ago, the regulators were just trying to comprehend what tokens were. Lubin believes that he and the crypto community helped them understand that not all tokens are securities.

Lubin believes that ETH continues to be “sufficiently decentralized” and pointed to its “many use cases that don’t implicate it as a security.” He added that there is no centralized set of promoters or builders that are specifically trying to raise the value of Ether and enrich investors.

At the moment, regulators seem to be more focused on stablecoins. Coinbase founder and CEO Brian Armstrong responded to “rumors” that the SEC was thinking to ban retail consumers from staking crypto. Armstrong stated that staking is not a security and it would be a “terrible path for the U.S.” if a staking ban was passed. He called for the industry to publish clear rules for the industry and come up with sensible solutions that protect consumers while preserving innovation.

The Web3 space is rapidly growing and Non-Fungible Tokens (NFTs) are becoming more and more popular. NFTs are digital assets that are unique and can be used to represent real-world items such as art, music, or even sports memorabilia. As the demand for NFTs increases, so does the need for marketing and promotion.

Joseph Lubin and the team at ConsenSys are working hard to provide the best possible NFT marketing services. They offer a wide range of services, from Twitter NFT marketing to NFT promotion. They also offer a comprehensive web3 agency service, helping clients to sell their NFTs.

ConsenSys is also working to provide guidance and assistance to those who are new to the NFT space. They are helping to educate and inform people about the benefits of NFTs, as well as providing advice on how to best market and promote them.

Joseph Lubin and the ConsenSys team are confident that Ether (ETH) will not be classified as a security in the United States. They are also working hard to provide the best possible NFT marketing and promotion services, as well as helping to educate and inform the public about the benefits of NFTs.

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