Joseph Lubin, founder of Consensys and co-founder of altcoin Ethereum, made important statements. Accordingly, he offered convincing interpretations for Ethereum’s native cryptocurrency Ether (ETH) to be classified as a commodity. Lubin referred to past statements by regulators. He also stressed that it should be formally recognized by the U.S. Securities and Exchange Commission (SEC) and Chairman Gary Gensler. Let’s look at the details.
Altcoin Ethereum as commodity
Joseph Lubin, founder of Consensys, sparked a debate by arguing that Ethereum’s native cryptocurrency Ether (ETH) should be classified as a commodity. In a recent interview with CNBC, Lubin cited previous statements from regulators, including the SEC and the Commodity Futures Trading Commission (CFTC), to support his stance. Gensler considers Bitcoin a commodity. However, there is no clear explanation for Ethereum yet.
Lubin highlights a 2018 speech by former SEC official Bill Hinman. Accordingly, in that speech, there is an emphasis that altcoin Ethereum is not a security. In particular, the collaboration of 18 of Hinman’s colleagues in this speech indicates that there was a consensus within the SEC at the time. Lubin acknowledges the possibility that several regulators still question Ethereum’s status. However, he states that this is not important.
Progress and cleaning up the industry
Lubin reviews the progress made in the cryptocurrency industry over the past year. Accordingly, it highlights successful developments and launches in 2022. He appreciates his efforts to address central finance (CeFi) issues. He states that cleaning up “CeFi rot” is invaluable to the industry. This reflects the ongoing effort to align with the decentralized philosophy of cryptocurrencies.
Lubin’s statements point to a compelling situation. However, it is important to note that they do not have an immediate impact on the official classifications of altcoin Ethereum. The industry awaits official recognition from Chairman Gensler and the SEC, which will solidify Ethereum’s status as a commodity. Until then, the controversy surrounding ETH’s classification as a commodity will likely continue.
Looking at cryptocoin.com, Joseph Lubin’s bold claim that it should be classified as a commodity has sparked interest in the cryptocurrency industry. On the other hand, it raised important questions. Lubin refers to regulatory disclosures, emphasizing the need for official recognition. However, the official classification of altcoin ETH is still pending. The industry is eagerly awaiting further development. On the other hand, there are controversies surrounding ETH’s status as a commodity. These discussions will shape the future of the Ethereum network and the wider crypto landscape.
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