Joseph Lubin, Ethereum co-founder and CEO of ConsenSys believes that U.S. regulators will come to recognize that decentralized protocols, blockchain technology, and cryptocurrencies are in harmony with American values and principles.
Co-founder and CEO of ConsenSys Joseph Lubin, expressed the belief that U.S. regulators will eventually recognize the alignment between decentralized protocols, blockchain technology, and cryptocurrencies with the principles and values of the United States.
Lubin's statement reflects his optimism about the regulatory future of the crypto industry in the United States, emphasizing the potential for a harmonious relationship between innovation in the blockchain space and American philosophies.
This sentiment hints at a positive outlook for the crypto industry's regulatory landscape in the country. The U.S. SEC is in legal battles with crypto firms, alleging that most crypto tokens are securities and that crypto firms need to first register them with the regulator before selling them.
Joseph Lubin, one of Ethereum's co-founders, expressed confidence that reasoned decision-making will ultimately triumph as the U.S. Securities and Exchange Commission continues its legal battles with crypto companies regarding the classification of crypto tokens as securities.
I anticipate that, with previous technologies like the internet, the web and cryptography, clear heads will prevail,”
“America will see that decentralized protocols, blockchain, cryptocurrency are aligned with the philosophies of the U.S. And I think much of the rest of the world will follow suit,” said Lubin, who is also the CEO of blockchain technology company ConsenSys.
Crypto giants like Binance, Coinbase, and Ripple are entangled in legal battles with the SEC, facing allegations of regulatory infractions. In 2020, Ripple and its co-founders were sued by the SEC for purportedly violating securities laws by selling XRP, their native cryptocurrency, without SEC registration.
Additionally, in June of the same year, the SEC accused Coinbase of running an unregistered exchange and brokerage, while Binance faced multiple charges related to securities law violations during the same period.
The vast majority of crypto tokens are securities, the SEC chair Gary Gensler declared in his written testimony to the House Financial Services Committee in April, adding that crypto tokens have to be registered with the SEC in this case.
Gensler “indicated that he feels that many tokens are securities, although they need to be demonstrated to be that. He can’t just make that pronouncement,” Lubin said.
Back in March, Lubin shared that Ether should be perceived more akin to a commodity, such as oil, rather than being categorized solely as a commodity. He explained that people purchase barrels of oil with the anticipation of generating profits, suggesting a similar perspective for Ether.
“I stand by my conviction that ether is a commodity,” Lubin told.“The U.S. has a lot of influence on the world through financial intermediaries and other intermediaries, and decentralized protocol technology is about right sizing and eliminating intermediaries in many ways. The U.S. is also all about free markets, capitalism, free speech,” Lubin said.