In the face of a continued regulatory assault on the crypto industry, Ethereum’s co-founder Joseph Lubin exudes optimism. He anticipates that the United States will embrace crypto, blockchain, and decentralized protocols, akin to how it adopted previous technologies like the internet.
This comes at a time when crypto firms, including Binance, Coinbase, and Ripple, are embroiled in legal battles with the US Securities and Exchange Commission (SEC) over alleged securities law violations.
Lubin Expects US to Adopt Fruitful Crypto Regulations
Lubin, also the CEO of blockchain technology company ConsenSys, expressed his vision for the future of cryptocurrencies in the US during a recent interview on CNBC’s ‘Capital Connection.’ He said,
“I anticipate that, with previous technologies like the internet, the web, and cryptography, clear heads will prevail. America will see that decentralized protocols, blockchain, cryptocurrency are aligned with the philosophies of the US.”
This perspective comes in the wake of SEC chair Gary Gensler’s assertion that “the vast majority of crypto tokens are securities,” requiring registration with the SEC.
However, Lubin counters this stance and argues that we should view Ethereum as a commodity akin to oil. “I stand by my conviction that ether is a commodity,” Lubin told CNBC’s Dan Murphy.
Lubin’s optimism, however, is not without caveats.
Read more: What Is the Howey Test and How Does It Impact Crypto?
Lack of Clarity Causing Crypto Talent Exodus
Crypto leaders have criticized the US for its lack of clarity around crypto regulations. Some have even threatened to leave the country if the SEC continues to crack down on crypto firms. Despite these challenges, Lubin remains hopeful that “clear heads will prevail.” He hopes that the US will lead the world in adopting and regulating cryptocurrencies.
The Ethereum co-founder’s faith in the US is not unfounded. As he points out,
“The US has a lot of influence on the world through financial intermediaries and other intermediaries, and decentralized protocol technology is about right sizing and eliminating intermediaries in many ways. The US is also all about free markets, capitalism, free speech.”
The future of crypto regulations in the US remains uncertain. However, if Lubin’s predictions hold true, the nation may soon be at the forefront of a new wave of technological innovation. It could shape beneficial crypto regulations and set a precedent for the rest of the world to follow.
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