Joseph Lubin, co-founder Ethereum It is believed that the United States Securities and Exchange Commission It “deliberately stifles innovation,” threatening the country’s existing financial picture.
Speaking at FT Live’s Crypto and Digital Asset Summit in London, Lubin revealed Consensys’ decision to sue the US SEC after receiving notification from US securities regulators.
“It appears that the US SEC classified Ether as a security without telling anyone that it was. They are pursuing strategic enforcement rather than open communication and clear rules.”
The CEO of Consensys, which developed the MetaMask wallet, said the enforcement action aims to create fear, uncertainty, and doubt in the cryptocurrency industry. “in an attempt to paralyze” and force the company out of the country
Lubin said the company’s response to the US SEC was aimed at getting more clarity from US courts. Considering that the Commodity Futures Trading Commission has previously classified Ether as a commodity.
Consensys’ CEO also highlighted the upcoming deadline for the US SEC to make a decision on approving Ether Spot Exchange-Traded Funds (ETFs) as the driving force behind the enforcement action. Regulators’ new take on Ethereum
“We believe there are many moves designed to allow them to say that their actions were not arbitrary. In case they reject the Ether Spot ETF,” Lubin explained.
“I think they’re worried that A lot of attention and capital will flow into our ecosystem. Considering that there has been a huge improvement in terms of scalability and usability.”
Lubin also predicted that The prospect of customers in the banking industry moving their assets to digital formats using decentralized financial structures may frighten many banks and other financial institutions.
Lubin said the SEC’s claim that the Coinbase and MetaMask wallets act as broker-dealers It is setting a dangerous precedent. and adds that the idea that software acts as Broker-dealer is an “unusual idea”
Consensys CEO concludes that the entire tech industry in the US could be affected by actions by securities regulators.
refer : cointelegraph.com