In times where the relationship between the crypto world and regulatory bodies is becoming increasingly intense, Joseph Lubin, co-founder of Ethereum, comes forward with an optimistic view of the scenario. On CNBC’s recent “Capital Connection” program, Lubin shared his opinion, “Just as with the internet and the web, logic and common sense will prevail in the end.”
Lubin believes that sooner or later the US will realize that blockchain technology and cryptocurrencies are in line with its own philosophies. And not just the US, but he hopes many other nations will also follow this line of thinking. It is worth remembering that Lubin is not only an important name in Ethereum, but also holds the position of CEO of ConsenSys, a recognized blockchain technology company.
However, the current scenario has sector giants, such as Binance, Coinbase and Ripple, involved in litigation with the US Securities and Exchange Commission (SEC). In 2020, the SEC accused Ripple of violating laws by selling its cryptocurrency, XRP, without prior registration. And Coinbase and Binance were not far behind; both faced similar charges in June.
SEC Chairman Gary Gensler, in a written statement, expressed his view that most cryptos are, in fact, securities and as such should be registered with the SEC. Lubin, however, has a different opinion, “You can’t just categorize it like that, you have to prove it”.
In March, during another conversation with CNBC, Lubin compared ETH, Ethereum’s native cryptocurrency, to commodities like oil. According to him, people invest expecting a return, just as they would do with barrels of oil. In keeping with his vision, Lubin reiterated this week, “Ether is a commodity.”
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.