Ethereum Co-Founder: US Embracing Crypto Future

Kabir903

"In a recent interview with CNBC's ""Capital Connection,"" Ethereum (ETH) co-founder and ConsenSys CEO Joseph Lubin expressed his belief that U.S. regulatory agencies will recognize the alignment between decentralized protocols, blockchain technology, and the foundational philosophy of the United States.

Despite legal battles between the U.S. Securities and Exchange Commission (SEC) and multiple cryptocurrency companies, Lubin remains optimistic, stating that ""level heads will prevail.""

Lubin called for a nuanced regulatory approach, comparing past technological advancements such as the internet and cryptocurrencies, emphasizing that these innovations are eventually accepted by society and integrated.

He expects decentralized protocols and cryptocurrencies to follow a similar developmental path and stated:

""The United States will see that decentralized protocols, blockchain, and cryptocurrencies are consistent with American ideals, and I think the rest of the world will emulate that as well.""

Ongoing legal disputes between the SEC and well-known cryptocurrency companies like Binance, Coinbase, and Ripple have brought the classification of cryptocurrencies as securities into focus. The SEC has accused these companies of violating securities laws and operating without proper registration. Ripple, in particular, is facing litigation for allegedly selling the cryptocurrency XRP without prior SEC registration.

Regarding the SEC's stance on tokens that may be classified as securities, Lubin acknowledged the need for a comprehensive examination of specific tokens to determine their nature but emphasized that SEC Chairman Gary Gensler's statements should be backed by evidence rather than being purely declarative.

As for Ethereum's native cryptocurrency ETH, Lubin reiterated his belief that it should be considered a commodity rather than a security. He used oil as an analogy, explaining that people purchase oil for profit. Lubin firmly believes that Ethereum exhibits similar characteristics, reinforcing his view that Ethereum should be regarded as a commodity.

Lubin also addressed concerns within the cryptocurrency community regarding regulatory clarity in the United States. Many industry leaders have expressed frustration over the lack of clear guidelines, with some considering moving their businesses overseas in response to the SEC's regulatory actions.

Lubin pointed out that some countries view the United States as a regulatory benchmark and emphasized that decentralized protocol technology aligns with principles such as appropriate scale and the elimination of intermediaries. He further emphasized that the United States embodies values like a free market, capitalism, and freedom of speech, which are compatible with the decentralized nature of cryptocurrencies.

With the evolving regulatory landscape, the optimism of Ethereum's co-founder suggests that U.S. regulatory agencies will eventually recognize the potential of decentralized protocols and cryptocurrencies, aligning them with the core principles of the country. As stakeholders seek a clearer regulatory framework to foster innovation while protecting investors, the industry eagerly awaits further developments.

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