Feb 10, 2023
Joseph Lubin Confident Ethereum (ETH) Won’t Be Labeled a Security
Joseph Lubin, the Ethereum co-founder and founder of the blockchain technology firm ConsenSys, is confident that Ether (ETH) will not be classified as a security in the United States. In a recent interview with Cointelegraph, Lubin discussed the implications of Ethereum’s transition to a proof-of-stake (PoS) consensus model, and how it could affect the classification of ETH.
In September, Securities and Exchange Commission Chairman Gary Gensler 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, however, believes that ETH is still “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 is specifically trying to raise the value of Ether and enrich investors.
Lubin has been privy to discussions with the SEC and the Commodity Futures Trading Commission “for many years.” He said that around five years ago the regulators were “just trying to wrap their heads around what tokens were.” He believes that he and the crypto community have helped regulators to understand that “lots of tokens are not securities.”
At the moment, regulators appear to be more focused on stablecoins, according to Lubin. He said that people he knows close to the action in Washington D.C. say “most of the focus is on stablecoins right now.”
In response to rumors that the SEC was thinking to ban retail consumers from staking crypto, Coinbase founder and CEO Brian Armstrong said in a Twitter thread that “staking is not a security” and that it would be a “terrible path for the U.S.” if a staking ban was passed.
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The web3 space is a rapidly evolving industry and it is important to stay up to date on the latest developments. It is also important to understand the financial implications of the web3 space and to make sure that you are following all of the necessary regulations. Ethereum co-founder and crypto entrepreneur Joseph Lubin is confident that Ether (ETH) won’t be classified as a security in the United States, and this is a positive sign for the future of the web3 space.Disclaimer: All investment or financial opinions expressed by MoonLanding Media are not recommendations and are intended for entertainment purposes only. Do your own research prior to making any kind of investment. This article has been generated based on trending topics, has not been fact checked and may contain incorrect information. Please verify all information before relying on it.