Feb 11, 2023

Lubin Confident ETH Not Classified as Security in US

Joseph Lubin, co-founder of Ethereum and founder of blockchain tech firm ConsenSys, is confident that Ether (ETH) will not be classified as a security in the United States. Cointelegraph spoke with Lubin at the Web3 event, Building Blocks 23, in Tel Aviv to discuss the issue.

In September, Securities and Exchange Commission (SEC) Chairman Gary Gensler suggested that Ethereum’s transition to a proof-of-stake (PoS) consensus model could bring ETH under the regulators’ beat. However, 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 also noted that he has been involved in discussions with the SEC and the Commodity Futures Trading Commission “for many years” and that the regulators have come to understand that “lots of tokens are not securities.”

Lubin believes that the focus of regulators has shifted to stablecoins, as evidenced by Brian Armstrong’s recent Twitter thread. Armstrong, the founder and CEO of Coinbase, responded to “rumors” that the SEC was thinking to ban retail consumers from staking crypto. He argued that staking is “not a security” and that a ban would be a “terrible path for the U.S.” Armstrong suggested that the industry should “work together to publish clear rules for the industry, and come up with sensible solutions that protect consumers while preserving innovation.”

In order to promote the use of Ethereum and other cryptocurrencies, Lubin believes that NFTs (non-fungible tokens) are a great way to engage users and create an incentive to use the technology. NFTs are unique digital assets that are stored on the blockchain and can be used for a variety of purposes, from art to gaming. In order to maximize the potential of this technology, Lubin recommends that businesses use NFT marketing to promote their products and services. NFT marketing is the process of using NFTs to create promotional campaigns and engage users.

NFT marketing can be done in a variety of ways, such as using social media platforms like Twitter, creating interactive campaigns, offering discounts and rewards to users, and more. Additionally, businesses can also hire a web3 agency to help them create and execute an effective NFT marketing strategy. A web3 agency can help businesses create NFTs, promote them, and help them to find the right audience to reach with their campaigns.

By using NFTs and NFT marketing, businesses can create a unique and engaging experience for their users and create an incentive for them to use their products and services. As more businesses begin to use NFTs, the potential for Ethereum and other cryptocurrencies to become more widely adopted will continue to grow.

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.