Joseph Lubin, the co-founder of Ethereum, has stated that given previous tech history, clear heads will prevail in the ongoing SEC crusade against crypto.
Internet had push-back initially
In an interview with CNBCs Capital Connection on Thursday, Joseph Lubin highlighted how technologies such as the Internet and cryptography achieved mainstream breakthroughs in spite of much push-back initially.
Court battles
He spoke as the Securities and Exchange Commission (SEC) continued to take crypto companies to court because it believes that practically all cryptocurrencies are securities.
Ripple is still in an expensive and ongoing court battle with the SEC. Grayscale has just won its battle against the regulator, and Coinbase and Binance are in their own ongoing disputes with the SEC. Many others have paid fines or are expecting a visit from the SEC at some future point.
Lubin vs Gensler
For Lubin the future of crypto was clear:
“America will see that decentralised protocols, blockchain, cryptocurrency are aligned with the philosophies of the U.S. And I think much of the rest of the world will follow suit,”
However, vehemently opposing this view is Gary Gensler, Chairman of the SEC, who is of the opinion that “The vast majority of crypto tokens are securities,”
Lubin counters this by saying that Gensler can’t just make these pronouncements and that he has to really demonstrate how this is the case.
Ethereum a commodity
Lubin has said in a past interview that his view is that Ethereum is a commodity, and therefore shouldn’t be treated as a security, adding that people were known to buy barrels of oil with an expectation of profit.
U.S. influences the world
The Ethereum co-founder finished by saying that the U.S. had much influence across the world, and that if crypto was treated positively there then other countries could follow suit.
“The U.S. 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 U.S. is also all about free markets, capitalism, free speech,”
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