Feb 10, 2023

Lubin Confident ETH Won’t Be Classified as Security in US

Crypto mogul Joseph Lubin, co-founder of Ethereum and founder of blockchain tech firm ConsenSys, recently expressed confidence that Ether (ETH) will not be classified as a security in the United States. Cointelegraph spoke with him at the Web3 event, Building Blocks 23, in Tel Aviv.

In September, Securities and Exchange Commission Chairman Gary Gensler suggested that the blockchain’s transition to proof-of-stake (PoS) might make ETH a security. However, Lubin believes that ETH is still “sufficiently decentralized” and has “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 noted that the SEC and the Commodity Futures Trading Commission have been discussing tokens for the past five years, and that he helped them understand that “lots of tokens are not securities.” He believes that the regulators are now more focused on stablecoins.

Coinbase founder and CEO Brian Armstrong responded to “rumors” that the SEC was thinking to ban retail consumers from staking crypto, saying that staking is “not a security” and it would be “a really important innovation in crypto.” He suggested that the industry work together to “come up with sensible solutions that protect consumers while preserving innovation.”

These developments have opened up the possibility of using NFTs as a form of promotion and marketing in the Web3 space. NFTs are digital tokens that represent ownership of a unique digital asset, and they can be used to promote, market, and sell products and services.

NFTs are already being used by companies to promote their products and services, and as a way to incentivize customers. Twitter, for example, recently announced that it was launching its own NFT platform, allowing users to create, promote, and sell their own digital tokens.

The use of NFTs for promotion and marketing is becoming increasingly popular, and many companies are now turning to specialized NFT marketing agencies to help them promote their products and services. These agencies provide a variety of services, from helping companies create and promote their own NFTs, to helping them identify potential customers and sell their NFTs.

As the use of NFTs for promotion and marketing continues to grow, it’s likely that more companies will turn to specialized NFT marketing agencies to help them make the most of their NFTs. With the right strategy, companies can use NFTs to reach new customers, build their brand, and even make a profit.

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