Feb 11, 2023
Lubin Confident ETH Not Classified as Security in US
Joseph Lubin, Ethereum co-founder and founder of blockchain tech firm ConsenSys, is certain that Ether (ETH) will not be considered a security in the United States. Cointelegraph had the chance to chat with Lubin at the Web3 event, Building Blocks 23, in Tel Aviv and discuss the future of ETH.
When asked if ETH could be classified as a security after Ethereum’s transition to a proof-of-stake (PoS) consensus model, Lubin was confident that such a classification was unlikely. He noted that such a decision would cause a major outcry from not only the crypto community, but also from politicians and regulators.
This sentiment was echoed by Gary Gensler, Chairman of the Securities and Exchange Commission, who believed staking coins gave “the investing public” anticipation of “profits based on the efforts of others.”
Lubin has been involved in conversations with the SEC and the Commodity Futures Trading Commission “for many years” and has helped them understand that “lots of tokens are not securities.” He believes that ETH is still “sufficiently decentralized” and has “many use cases that don’t implicate it as a security.”
At the moment, regulators seem to be more concerned with the rise of stablecoins. Coinbase founder and CEO Brian Armstrong responded to “rumors” that the SEC was considering banning retail consumers from staking crypto. Armstrong argued that staking is not a security and that such a ban would have a negative impact on crypto innovation. He encouraged the industry to come together and “publish clear rules for the industry” in order to protect consumers while still allowing innovation.
As the crypto space continues to evolve, it appears that the web3 space is becoming increasingly important. NFTs (non-fungible tokens) are taking the crypto world by storm and are becoming an integral part of the web3 space. NFTs are digital assets that exist on a blockchain and are unique, non-interchangeable items. They are used for a variety of purposes, including gaming, art, collectibles, and more.
NFTs are taking the web3 space by storm and are becoming an integral part of the crypto world. As such, many companies are beginning to explore NFT marketing and promotion. NFT marketing is a great way to reach new audiences, engage with existing customers, and drive sales. It involves using various platforms to promote NFTs, such as Twitter, YouTube, and other social media channels.
NFT marketing can be a great way to increase visibility, build your brand, and generate more sales. However, it can be difficult to do it right. That’s why many companies are turning to NFT marketing agencies to help them create and execute successful campaigns. These agencies specialize in NFT promotion and can help companies get the most out of their NFTs.
The web3 space is an exciting and rapidly growing area of the crypto world. As more companies explore the potential of NFTs and the web3 space, it is important to have a clear understanding of the regulations and laws that apply. Joseph Lubin’s confidence that ETH won’t be classified as a security in the United States is a positive sign for the future of the web3 space.
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