Ethereum Co-Founder The Future of Cryptocurrency will be Embraced by the United States

Ethereum Co-Founder US Embraces Future of Cryptocurrency.

Author: Ronaldo Marquez, Bitcoinist; Translation: Song Xue, LianGuai

In a recent interview with CNBC’s “Capital Connection,” Ethereum (ETH) co-founder and ConsenSys CEO Joseph Lubin expressed his belief that US regulatory agencies will recognize the consistency between decentralized protocols, blockchain technology, and the fundamental philosophy of the United States.

As the US Securities and Exchange Commission (SEC) engages in legal battles with multiple cryptocurrency companies, Lubin remains optimistic that “clear minds will prevail.”

Ethereum co-founder calls for nuanced regulatory approach

• EOS founder BM’s platform Voice announced shutdown a four-year, $300 million attempt
• LD Capital Bluzelle Short-term Funding Analysis
• Is decentralized exchange (DEX) legal in China?

Lubin compared past technological advancements such as the internet and cryptocurrencies, emphasizing that these innovations eventually become accepted and integrated into society.

Lubin expects decentralized protocols and cryptocurrencies to follow a similar development trajectory, stating:

“The US will see the consistency between decentralized protocols, blockchain, cryptocurrencies, and the ideals of the United States, and I believe other parts of the world will follow suit.”

The ongoing legal disputes between the SEC and prominent cryptocurrency companies like Binance, Coinbase, and Ripple have brought the classification of cryptocurrency tokens as securities into focus.

The SEC has accused these companies of violating securities laws and operating without proper registration. Ripple, in particular, faces a lawsuit for allegedly selling the cryptocurrency XRP without prior registration with the SEC.

Meanwhile, Coinbase and Binance face accusations of operating unregistered exchanges and violating securities laws. On this issue, Lubin acknowledges the SEC’s position on tokens that may be classified as securities but emphasizes the need for a comprehensive examination of specific tokens to determine their nature.

Lubin emphasizes that SEC Chairman Gary Gensler’s statements should be backed by evidence, not just declarative statements.

Is Ethereum considered a commodity?

Regarding Ethereum’s native cryptocurrency ETH, Lubin reiterated his belief that it should be considered a commodity rather than a security. He used the analogy of oil, explaining that people buy oil to profit from it.

Lubin firmly believes that Ethereum possesses similar characteristics, reinforcing his perspective that Ethereum should be seen 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 guidance, and some have even considered moving their businesses overseas to cope with 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 the principles of appropriate scale and elimination of intermediaries. He further emphasized that the United States embodies values such as a free market, capitalism, and freedom of speech, which are compatible with the decentralized nature of cryptocurrencies.

With the continuous development of regulatory environment, the optimism of Ethereum co-founders indicates that US regulatory agencies will eventually recognize the potential of decentralized protocols and cryptocurrencies, aligning them with the core principles of the country.

As stakeholders seek clearer regulatory frameworks to promote innovation while protecting investors, the industry eagerly awaits further developments.

On the daily chart, ETH has returned to the $1,630 level. Source: TradingView.com

At the time of writing, ETH’s performance is consistent with that of Bitcoin (BTC), rising 1.1% in the past 24 hours. Currently, it has returned to a position above $1,630.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!