Feb 10, 2023
Lubin Confident ETH Not Classified as Security in US
Joseph Lubin, Ethereum co-founder and founder of blockchain tech firm ConsenSys, is confident that Ether (ETH) will not be classified as a security in the United States. This assurance was given during the recent Web3 event, Building Blocks 23, held in Tel Aviv, where Cointelegraph had the opportunity to interview Lubin.
In September, Securities and Exchange Commission (SEC) Chairman Gary Gensler suggested that Ethereum’s transition to a proof-of-stake consensus model could bring ETH under the SEC’s jurisdiction. In response to this, Lubin stated that it was as likely as Uber being made illegal, and that it would cause a “tremendous outcry” from the crypto community and many politicians and regulators.
Lubin informed Cointelegraph that he has been involved in discussions with the SEC and the Commodity Futures Trading Commission for many years. He said that five years ago, the regulators were still trying to understand what tokens were, and believed that everything was a security. Lubin believes that he and the crypto community have helped the regulators to understand that not all tokens are securities, and that ETH is still “sufficiently decentralized”, with many use cases that do not classify it as a security.
Lubin believes that the SEC is now more focused on stablecoins, and in a recent Twitter thread, Coinbase founder and CEO Brian Armstrong responded to rumors that the SEC was thinking of 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. He called for clear rules for the industry, and sensible solutions that protect consumers while preserving innovation.
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Whether you’re looking to launch an NFT or promote an existing one, a web3 agency can provide the expertise and resources necessary to make the most of the NFT market. With the right NFT marketing strategy, you can maximize the potential of your NFTs and increase your chances of success.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.