Lubin's Perspective on Crypto and SEC Disputes
Ethereum's co-founder, Joseph Lubin, voiced optimism about the ongoing disputes between crypto companies and the U.S. Securities and Exchange Commission (SEC). Speaking on CNBC’s “Capital Connection”, Lubin said he expects "clear heads will prevail", drawing parallels with the early days of the internet and cryptography.
Lubin, also the CEO of ConsenSys, emphasized that the principles behind decentralized protocols, blockchain, and cryptocurrency align with American values. He believes many countries will align their stance with the U.S.'s eventual decision on crypto.
Major crypto firms like Binance, Coinbase, and Ripple are currently in legal battles with the SEC over alleged securities law violations. For instance, Ripple was sued for not registering its cryptocurrency, XRP, before its sale. The SEC has also targeted Coinbase for running an unregistered exchange and broker, while Binance faces charges for multiple infringements.
SEC chair, Gary Gensler, in his testimony to the House Financial Services Committee, stated that a majority of crypto tokens are securities and should be registered. Lubin challenged Gensler's assertion, insisting that tokens must be proven to be securities before such a declaration.
Earlier, Lubin expressed his belief to CNBC that ether should be classified similarly to commodities like oil. He reiterated this view, emphasizing ether's commodity nature.
Amidst these disputes, crypto industry leaders have criticized the U.S. for its ambiguous crypto regulations, hinting at potential relocations if the SEC intensifies its crackdown.
Lubin concluded that many countries look to the U.S. for direction, highlighting the country's global influence and its values of free markets, capitalism, and free speech.
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