Fun

Ethereum Co-Founder Says Crypto Ecosystem Has Never Been Better or Stronger

News Feed - 2023-03-28 01:03:24

Ethereum Co-Founder Says Crypto Ecosystem Has Never Been Better or Stronger


Ethereum co-founder Joseph Lubin says the strength of the crypto ecosystem “has never been better or stronger.” He believes “more clarity” from regulators would be helpful for the crypto industry. “I think our industry has suffered from having two major factions lumped into one: the money-crypto faction … and the tech-crypto faction,” he explained. Ethereum’s Co-Founder on Crypto Ecosystem, Regulation


Ethereum co-founder Joseph Lubin discussed the state of the crypto ecosystem, regulation, and whether ether (ETH) is a security in an interview with CNBC last Wednesday.


“The strength of our ecosystem has never been better or stronger,” he began. While noting that “There are certainly headwinds — some microeconomic, financial headwinds — out in the world,” as well as “banking issues for a small number of companies” in the crypto space, he emphasized: “The sizes of the conferences that are going on in Paris and Denver and Los Angeles have never been bigger.” The Ethereum co-founder added: Once the builders come into our ecosystem to build essentially an alternative economy, they don’t leave. The speculators run in and they run out, but the building has never been better.


Commenting on why the prices of bitcoin and ether have been rising, he said: “Because they’re sound. Bitcoin is sound money. Ether is ultrasound money … the development, the use cases, the usability, the scalability in the Ethereum ecosystem — it’s never been better. It’s accelerating.” Lubin also noted that the possibility of the Federal Reserve hiking interest rates less aggressively in the future has helped boost the prices of cryptocurrencies. “It’s an inflation hedge,” he stressed.


Regarding cryptocurrency regulation and the aggressive enforcement actions by the U.S. Securities and Exchange Commission (SEC), the Ethereum co-founder opined: I think more clarity, being more explicit would be helpful to our industry. I think our industry has suffered from having two major factions lumped into one: the money crypto faction … and the tech crypto faction, which is just building decentralized protocols infrastructure.


While noting that “Money crypto absolutely should be regulated” and “Money crypto people issued tokens that are rightly seen as securities,” he argued: “Tech crypto people are just technologists. We are just building infrastructure that the traditional economy can use, and our economy can use, and you don’t want to regulate innovation.” Is Ether a Security?


Lubin also commented on regulators alleging that ether is a security. Responding to the claim made by the New York Attorney General in its lawsuit against crypto exchange Kucoin that ETH is a security, the Ethereum co-founder said: “Anybody can say anything, it doesn’t make it true.”


SEC Chairman Gary Gensler has stated several times that all crypto tokens besides bitcoin are securities “because there’s a group in the middle and the public is anticipating profits based on that group.” Lubin argued: People buy barrels of oil with the expectation of profit.


When asked whether he is confident that ether is not a security, the Ethereum co-founder replied: “I don’t think there’s any point to speculate on something that is extremely unlikely.”


There are differing opinions among U.S. regulators about whether ether should be classified as a security. SEC Chair Gensler believes that ETH is a security, while the chairman of the Commodity Futures Trading Commission (CFTC) has stated multiple times that it is a commodity. However, both regulators agree that bitcoin is a commodity. Tags in this story ether a security, Ethereum, ethereum a security, Ethereum Co-Founder, expectation of profit, Gary Gensler, SEC


What do you think about the statements by Ethereum co-founder Joseph Lubin? Let us know in the comments section below. Kevin Helms


A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. US Seizes 18 Crypto ATMs Purchased Using Fraudulent SBA Loans — Arrests Owner REGULATION | 1 day ago US Lawmaker Introduces Bill to Affirm Blockchain Developers and Non-Custodial Services Are Not Money Transmitters REGULATION | 1 day ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleMarket Strategist Discusses ‘Super Bubbles’ Bursting — Warns of ‘Outrageously Consequential, Painful Effects’ Next articleStanding Together Against Disasters: CoinEx Charity Passes on the Spirit of Charity Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItOman to Incorporate Real Estate Tokenization in Virtual Assets Regulatory Framework


Real estate tokenization is set to be incorporated into Oman Capital Markets Authority (OCMA)"s virtual asset regulatory framework. According to an advisor with the authority, the tokenizing of real estate will open investment opportunities for local and foreign investors. Real ... read more.SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale Bitcoin ATM Operator Indicted in New York Allegedly Running Illegal Business Attracting Criminals Fed"s Bullard Wants to Raise Bank Rate to 3.5% by Year"s End, Hints at 75 Basis Point Rate Hike Digital Ruble ‘Much Needed,’ Russia’s Central Bank Says, Won’t Delay Testing

News Feed

Nigerian Lenders Frustrating CBDC’s Adoption — Central Bank Governor
Nigerian Lenders Frustrating CBDC"s Adoption — Central Bank Governor Apathetic Nigerian lenders are frustrating the e-naira’s adoption because they are worried this could
The Many Facts Pointing to Chainlink’s Sergey Nazarov Being Satoshi Nakamoto
The Many Facts Pointing to Chainlink"s Sergey Nazarov Being Satoshi Nakamoto During the last few years, smart contracts and blockchain oracles have transformed t
Bitcoin Bull Market Remains Intact Unless This Support Breaks – Analyst
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
North Korean cyberattacks on Brazilian fintech firms exposed
Arijit Sarkar13 hours agoNorth Korean cyberattacks on Brazilian fintech firms exposedGoogle Cloud’s report exposes North Korean cybercriminals targeting Brazil’s cryptocurrency and fintech sectors with sophisticated
Ethereum Is Consolidating After The Flush Last Weekend – The Calm Before A Big Move?
Este artículo también está disponible en español. Ethereum experienced one of the most aggressive sell-offs in its history on Monday, plunging 25% in a single day amid ma
Gold Coins Help Zimbabwe Achieve ‘Price and Exchange Rate Stability’ — Central Bank
Gold Coins Help Zimbabwe Achieve "Price and Exchange Rate Stability" — Central Bank The Reserve Bank of Zimbabwe recently revealed that some 25,188 of its value-preserving gold c
Chainalysis Launches Program to Store and Sell Seized Crypto Assets for Governments
Chainalysis Launches Program to Store and Sell Seized Crypto Assets for Governments The blockchain intelligence and surveillance company Chainalysis revealed the
Ozzy Osbourne Reveals Cryptobatz NFT Project Paying Tribute to His Iconic Bat Bite
Ozzy Osbourne Reveals Cryptobatz NFT Project Paying Tribute to His Iconic Bat Bite The English singer, songwriter, and former Black Sabbath frontman, Ozzy Osbourne, has revealed he
Craig Wright Claims Satoshi Nakamoto ‘Never Used Bitcointalk’ to Communicate
Craig Wright Claims Satoshi Nakamoto "Never Used Bitcointalk" to CommunicateThe mysterious Craig Wright, the man who claims to be Satoshi Nakamoto, was recently ordered to produce 1
Personal Savings Feature Added to West African Platform Facilitating Crypto-to-Fiat Conversion
Personal Savings Feature Added to West African Platform Facilitating Crypto-to-Fiat Conversion Duniapay, a digital banking platform created by three students fro
Facebook Owner Meta Files Trademark Applications for ‘Meta Pay’ Covering Crypto Services
Facebook Owner Meta Files Trademark Applications for "Meta Pay" Covering Crypto Services Meta Platforms Inc., formerly Facebook, has filed five trademark applications for “M
Derek Andersen5 hours agoSouth Korean Shinhan Bank completes stablecoin remittance pilot with Asian partnersThe bank used the Hedera network to settle payments in South Korean, Thai and Taiwanese currencies in real-time