Feb 11, 2023
Joseph Lubin Confident ETH Won’t be Classified as Security in US
Joseph Lubin, Ethereum co-founder and founder of blockchain tech firm ConsenSys, is confident that Ether (ETH) won’t be classified as a security in the United States. The crypto entrepreneur made this statement during a recent interview with Cointelegraph at the Building Blocks 23 event in Tel Aviv.
The discussion focused on the potential implications that Ethereum’s transition to a proof-of-stake (PoS) consensus model could have on the classification of ETH as a security. Lubin noted that it would be “as likely” as if Uber was made illegal, and that there would be a “tremendous outcry” from the crypto community, politicians, and regulators alike.
His opinion comes in response to SEC Chairman Gary Gensler’s September statement, where he suggested that the blockchain’s transition to PoS might have brought ETH under the regulators’ beat. Gensler believed staking coins gave “the investing public” anticipation of “profits based on the efforts of others.”
Lubin is of the opinion that ETH remains “sufficiently decentralized” and pointed to its “many use cases that don’t implicate it as a security.” He also revealed that he has been engaged in discussions with the SEC and the Commodity Futures Trading Commission “for many years” and that the regulators have come to a better understanding of tokens over the past five years.
The Ethereum co-founder believes that regulators are currently more focused on the rise of stablecoins, which has caused some “freaking out” in the crypto space. Coinbase founder and CEO Brian Armstrong recently responded to “rumors” of a potential ban on retail consumers staking crypto, calling it a “really important innovation in crypto” and urging the industry to “come up with sensible solutions that protect consumers while preserving innovation.”
Joseph Lubin is confident that the U.S. court system would be supportive of the argument that ETH is not a security. He believes that the crypto community is well-positioned to make a strong case for why Ether should not be classified as a security, and that NFTs and other decentralized applications are also helping to promote the use of Ethereum and other web3 technologies.
Lubin has also been vocal about the need for more NFT marketing and promotion, and his firm ConsenSys has become a major player in the space. The agency is helping clients to create and promote their NFTs on social media platforms such as Twitter, and has also launched a suite of tools to help them monetize their NFTs.
ConsenSys is also helping clients to develop and execute effective NFT marketing strategies, including strategies for targeting the right audiences and creating engaging content. The agency is also providing advice on how to best use Twitter for NFT promotion, and how to best leverage the platform to increase sales.
Overall, Lubin is confident that the crypto community will be successful in making their case for why ETH should not be classified as a security, and that the use of NFTs and other web3 technologies will continue to grow and be a major driver of innovation in the crypto space.
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