Ethereum co-founder Joseph Lubin has raised concerns about the U.S. Securities and Exchange Commission’s (SEC) stance on cryptocurrencies, particularly Ethereum (ETH).
SEC’s Potential Classification of ETH as a Security
Lubin believes that if the SEC declares ETH a security, it could have a devastating impact on the crypto industry in the United States. American citizens would be prohibited from purchasing ETH, and developers would be restricted from building on the Ethereum network.
SEC’s “Gaslighting” of the Industry
Lubin accuses the SEC of “gaslighting” the industry by hinting that ETH is a security without making an official declaration. This has created uncertainty and hindered the development of Ethereum-based applications.
Consensys Lawsuit Against SEC
Lubin’s company, Consensys, has filed a lawsuit against the SEC to challenge the potential reclassification of ETH. The lawsuit aims to prevent the SEC from taking enforcement action against MetaMask, Consensys’ popular crypto wallet.
Lubin’s Optimism Amid Resistance
Despite the challenges, Lubin remains optimistic about the future of crypto. He believes that the industry will eventually overcome the current resistance and that Ethereum will continue to play a transformative role in society.
