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Ethereum co-founder Joe Lubin said the U.S. Securities and Exchange Commission’s recent series of enforcement actions targeting cryptocurrency companies were “intended to create FUD” in the industry, i.e. “fear, uncertainty and doubt.” claimed that there was.
speech at Financial Times Lubin’s Crypto and Digital Assets Summit, which recently revealed that the Consensys company had received a Wells notice from regulators, called the move “an attempt to paralyze us or move us offshore.”
Rubin claimed that regulators reclassified Ethereum as a security “without informing anyone of the fact.” He added that Consensys’ filing a preemptive lawsuit against the SEC is about “getting clarity from the U.S. courts.” Ethereum “As many at the SEC and CFTC have been saying for years,” it is a commodity.
Over the past year, the SEC has launched a series of enforcement actions targeting cryptocurrency companies, including Coinbase and Binance. Regulators also sent Wells a warning about impending enforcement action against companies including Consensys. decoding), Robinhood and Uniswap Labs.
Lubin said that as part of these actions, the SEC alleged that cryptocurrency wallets: metamask It called it an “absurd concept” that questioned whether Consensys or individual users should register “software that anyone can download and run on their own.”
Regulators also raised Lubin’s “bizarre” claims that Consensys was helping companies like Lido and Rocket Pool issue securities by providing “access to some of Ethereum’s decentralized finance protocols.”
Lubin added that the SEC is currently investigating GitHub for software developers who are “building deeper layers of the protocol” rather than engaging in financial matters. He called the move “chilling for software developers.”
SEC and Ethereum ETF
He also noted that the SEC’s action comes at an “interesting” time, ahead of the regulator’s May 23 deadline to approve or reject applications for a U.S. spot Ethereum ETF. Rubin suggested that regulators are engaging in “a series of activities designed to enable us to say that their actions are not erratic” in the “likely event” of refusing to approve a spot Ethereum ETF.
The Consensys founder argued that the SEC “probably doesn’t want to see a wave of innovation” in the financial landscape due to the approval of a spot Ethereum ETF, and floated the prospect that “many banking industry clients will move their assets to digital.” form” and DeFi applications.
“That would be really inconvenient for certain forces in the United States who would prefer to slow it down or shut it down,” he said.
Nonetheless, Rubin remained optimistic about the prospect of a spot Ethereum ETF eventually being approved, pointing to an “inflection point” in 2025 when “a court will force the SEC to approve a spot ETF.”
Editor: Andrew Hayward
