Fun

SEC doesn’t want Ethereum to transform banking landscape, says Joseph Lubin

News Feed - 2024-05-09 11:05:27

Gareth Jenkinson9 hours agoSEC doesn’t want Ethereum to transform banking landscape, says Joseph LubinEthereum co-founder Joseph Lubin says the SEC is engaging in strategic enforcement action instead of meaningful discourse with the cryptocurrency industry.3920 Total views6 Total sharesListen to article 0:00EventOwn this piece of crypto historyCollect this article as NFTJoin us on social networksEthereum co-founder Joseph Lubin believes the United States Securities and Exchange Commission is intentionally hindering innovation, which threatens the country’s existing financial landscape.


Speaking at FT Live’s Crypto and Digital Asset summit in London, Lubin unpacked Consensys’s decision to sue the SEC after receiving a Wells notice from the U.S. securities regulator.


“The SEC appears to have reclassified Ether as a security without telling anybody that that’s the case. They are going about a strategic series of enforcement actions rather than open discourse and clear rulemaking,” Lubin said.


Related: Consensys files lawsuit against SEC and commissioners over Ether regulation


The CEO of Consensys — which developed the MetaMask wallet — said the enforcement actions intend to create fear, uncertainty and doubt for the cryptocurrency industry “in an attempt to paralyze” and force the company offshore.Joseph Lubin joined the event virtually. Source: Gareth Jenkinson


Lubin said the firm’s counteraction against the SEC is aimed at getting more clarity from U.S. courts, considering that the Commodity Futures Trading Commission had previously classified Ether (ETH) as a commodity.Timing is suspicious


The Consensys CEO also highlighted the upcoming deadline for the SEC to issue a decision over the approval of Ether spot exchange-traded funds (ETFs) as a driving force behind the regulator’s renewed enforcement action against Ethereum.


“We believe that there’s a flurry of activity designed to enable them to say that their action wasn’t capricious in the very likely event that they deny the Ether spot ETFs,” Lubin explained.


Lubin said the SEC had noticed how much capital had flowed into the ecosystem following the approval of spot Bitcoin (BTC) ETFs:“I think they’re concerned that so much attention and capital will flow to our ecosystem, considering it is improving enormously in terms of scalability and usability.”


Lubin also speculated that the prospect of the banking industry"s customers moving assets into digital forms using decentralized finance constructs could scare many banks and other financial institutions.


“The SEC probably doesn’t want to see a wave of innovation that will really transform the landscape," he said.Why Consensys needs to win the case


The importance of a positive outcome against the SEC could also have wide-reaching implications for the cryptocurrency and technology landscape in the United States.


Lubin said the SEC’s claims that Coinbase and MetaMask’s wallets are acting as broker-dealers are setting a dangerous precedent. He added that the thought of a piece of software acting as a broker-dealer was a “preposterous notion.”


Related:US SEC expected to deny spot Ether ETFs in May


“We’re at odds over whether we should register MetaMask as a broker-dealer. Should every MetaMask user have to register their wallet as a broker-dealer, it’s chilling,” Lubin added.


The Consensys CEO concluded that the entire technology industry in the U.S. could be impacted by the actions of the securities regulator.


Magazine: What do crypto market makers actually do? Liquidity, or manipulation# Security# Ethereum# SEC# United States# Ether Price# Ethereum Price# RegulationAdd reaction

News Feed

SEC considers spot Ether ETF application from ProShares
Turner Wright2 hours agoSEC considers spot Ether ETF application from ProSharesThe commission approved 19b-4 filings from eight asset managers in May, but they won’t begin trading on U.S. exchanges until the SEC signs
Spanish Soccer First Division Laliga to Be Featured in Decentraland’s Metaverse
Spanish Soccer First Division Laliga to Be Featured in Decentraland"s Metaverse Laliga, the Spanish soccer first division organization, has established a strategic partnership with
Price analysis 4/10: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIB
Rakesh Upadhyay4 hours agoPrice analysis 4/10: BTC, ETH, BNB, SOL, XRP, DOGE, TON, ADA, AVAX, SHIBBitcoin is witnessing a tough battle between the bulls and the bears near the $69,000 level with buyers holding a slight e
Billionaire Stan Druckenmiller Warns Crypto, Meme Stocks, Bonds Are in a Bubble: ‘This Bubble Is in Everything’
Billionaire Stan Druckenmiller Warns Crypto, Meme Stocks, Bonds Are in a Bubble: "This Bubble Is in Everything" Billionaire investor Stan Druckenmiller has warned that everything i
Brayden Lindrea4 hours agoBNB pops after report that DOJ wants $4B settlement with BinanceBNB hit its highest price since June after Bloomberg reported the U.S. Justice Department wanted $4 billion from Binance to end it
Martin Young4 hours agoGrayscale met with SEC to discuss spot Bitcoin ETF detailsGrayscale executives and lawyers met with the SEC to discuss a rule change to list the Grayscale Bitcoin Trust (GBTC).4933 Total views5 Tot
Central Bank of Nigeria Orders Banks to Close Accounts of Crypto Clients
Central Bank of Nigeria Orders Banks to Close Accounts of Crypto Clients The Central Bank of Nigeria (CBN) has circulated a letter directing banks and financial
Massive SOL liquidation by FTX estate nets nearly $2B
Ana Paula Pereira2 hours agoMassive SOL liquidation by FTX estate nets nearly $2BGalaxy Trading, Pantera Capital, and Neptune Digital Assets have acquired nearly two-thirds of FTX’s stake in SOL.649 Total viewsListen t
Tom Mitchelhill7 hours agoIRS investigating crypto traders using Puerto Rico tax breaks: Report“The noose is tightening” for wealthy Americans suspected of exploiting Puerto Rico’s relaxed tax regime.3477 Total vie
Ethereum Bullish Pattern Points To Immediate $3,000 Target – Details
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
Bitcoin, Ethereum Technical Analysis: BTC Nears $20,000, as ETH Hits 1-Month Low
Bitcoin, Ethereum Technical Analysis: BTC Nears $20,000, as ETH Hits 1-Month Low Bitcoin was trading close to $20,000 to start the weekend, as traders reacted to comments from U.S.
Russian Caught Mining Crypto in Covid-19 Clinic
Russian Caught Mining Crypto in Covid-19 Clinic An IT specialist working for a medical institution in Russia’s Altai Republic has been detained for illegally mining cryptocu