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, has expressed his confidence that Ether (ETH) will not be classified as a security in the United States. In an interview with Cointelegraph at the Web3 event, Building Blocks 23, in Tel Aviv, Lubin stated that such a classification would be as unlikely as if Uber was made illegal.
The Securities and Exchange Commission (SEC) Chairman, Gary Gensler, had raised the possibility of ETH being classified as a security in September, after Ethereum transitioned to a proof-of-stake (PoS) consensus model. Gensler argued that staking coins gave investors the expectation of profits based on the efforts of others.
Lubin, who has been in close contact with the SEC and the Commodity Futures Trading Commission (CFTC) for many years, argued that ETH is sufficiently decentralized and has many use cases that do not implicate it as a security. He further stated that the SEC and CFTC have come a long way in understanding tokens since they initially thought that everything was a security.
At present, the regulators appear to be more focused on stablecoins, with Coinbase founder and CEO Brian Armstrong responding to rumors that the SEC was considering banning retail consumers from staking crypto. Armstrong stated that staking is not a security and that it would be a terrible path for the U.S. if a staking ban was passed, as it is a really important innovation in crypto.
Joseph Lubin believes that the court system in the United States of America is supportive of the argument that ETH is not a security. He is confident that the U.S. can come up with sensible solutions that protect consumers while preserving innovation.
The NFT space is rapidly growing, and the use of NFTs for marketing and promotion is becoming increasingly popular. Joseph Lubin has also been exploring the use of NFTs for marketing and promotion. He has been working with a web3 agency and NFT marketing agency to create and sell NFTs to promote Ethereum.
The NFTs are being used to promote Ethereum on Twitter, as well as other social media platforms. The NFTs are being used to create awareness and promote the use of Ethereum, as well as to reward the community for their support.
Joseph Lubin is confident that the use of NFTs for marketing and promotion will help to bring more people into the Ethereum space. He believes that this will help to increase the value of Ethereum and make it more attractive to investors. He also believes that the use of NFTs for marketing and promotion will help to increase the liquidity of Ethereum, as more people will be buying and selling it.
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