Lubin Asserts Ether’s Commodity Status
In an interview with CNBC, Joseph Lubin, co-founder of Ethereum and CEO of Consensys, a blockchain technology company, expressed his firm belief that ETH is a commodity, despite the U.S. Securities and Exchange Commission (SEC) intensifying its crackdown on crypto securities.
SEC’s Actions Against Crypto Platforms
The SEC has been taking enforcement actions against various crypto platforms for listing unregistered crypto securities. Even Coinbase, a crypto exchange listed on Nasdaq, has faced allegations from the SEC regarding unregistered crypto securities. However, Coinbase has challenged these claims.
Gensler’s Stance on Crypto Tokens
SEC Chairman Gary Gensler has stated that all crypto tokens, except bitcoin, are considered securities. When asked directly about ether’s classification during a congressional hearing in April, Gensler refrained from giving a direct answer. He emphasized that he could not discuss specific cases.
CFTC’s View on Ether as a Commodity
Contrary to Gensler’s position, the chairman of the Commodity Futures Trading Commission (CFTC) has repeatedly asserted that ether is indeed a commodity.
Lubin Challenges Gensler’s Statement
Lubin responded to Gensler’s classification by stating that crypto tokens must be proven to be securities and that the SEC chairman cannot simply make pronouncements without evidence. Lubin previously compared ether trading to oil trading and argued that people buy ether with the expectation of profit.
Decentralized Protocols and Global Influence
Lubin expressed his belief that decentralized protocols, blockchain technology, and cryptocurrencies align with the philosophies of the United States. He anticipated that the U.S. would set an example for the rest of the world, as many countries follow its lead. Lubin emphasized that decentralized protocols aim to eliminate intermediaries and align with concepts of free markets, capitalism, and free speech.
Hot Take: Ether’s Future as a Commodity
Joseph Lubin remains steadfast in his belief that ETH is a commodity, challenging the SEC’s increasing scrutiny on crypto securities. While SEC Chairman Gary Gensler has refrained from directly classifying ether, Lubin emphasizes the need for evidence to support any claims about crypto tokens. Lubin envisions a future where decentralized protocols and cryptocurrencies are embraced globally, aligning with the principles of the United States. As debates surrounding the regulatory status of ether continue, time will tell how regulators and market participants perceive its classification.
By
By
By
By
By