Ethereum joint creation Joseph Lubin - ETH is never a securities and does not require supervision Y
The Wall Street Journal recently reported that Ethereum may soon be regulated as an investment-based security, but an Ethereum co-founder strongly denied that Ethereum should be supervised.
At the Collision Technology Conference in New Orleans on Tuesday, Joseph Lubin, co-founder of Ethereum, said that when he and Ethereum founder founded Ethereum, they worried that Ethereum would be viewed This is a type of security that would prevent those unregistered US investors from buying Ethereum. Ethereum is currently the second largest cryptocurrency with a market capitalization of approximately $65 billion, second only to the cryptocurrency "long-term hegemony" of Bitcoin.
Lubin said:
In last week’s commentary, Gary Gensler, former chairman of the US Commodity Futures Trading Commission (CFTC), said, “There are good reasons to suggest that Ethereum and Ripple are non-compliant securities.” Currently, CFTC considers bitcoin as Commodities are therefore not subject to the regulatory restrictions of the Securities and Exchange Commission (SEC).
Lubin quoted Gensler's words in his response, but he said that he dismissed these words. He said, "I am very pleased with the fact that many relevant regulatory agencies understand the nature of Ethereum."
He went on to say, "We don't care about the current discussion at all," and explained that he and other co-founders of Ethereum have always believed that ETH is just a fuel for the operation and construction of the Ethereum platform.
Lubin said, “Because all these different industries are providing resources to run the Ethereum platform, they provide you with resources and you will need to pay them.” This is a compensation in the form of a small part of the Ethernet.
When asked who should supervise Ethereum, Lubin said he did not think it needed any supervision at all.
"I think we already have a regulatory plan; US securities law regulates securities. If you didn't pass the Howey test, then you are not a security." He also quoted the 1946 Supreme Court decision, which established a deal of some kind. Is it an investment contract standard?
Lubin said, "This is a way to get shared computing resources, so I'm not sure if Ethereum needs to be managed in any way."
According to the Wall Street Journal's previous report, the CFTC and the SEC's senior officials working group have planned to discuss the possibility of overseeing the cryptocurrency on May 7. It is not yet clear whether this meeting will be openly conducted.
At the Collision Technology Conference in New Orleans on Tuesday, Joseph Lubin, co-founder of Ethereum, said that when he and Ethereum founder founded Ethereum, they worried that Ethereum would be viewed This is a type of security that would prevent those unregistered US investors from buying Ethereum. Ethereum is currently the second largest cryptocurrency with a market capitalization of approximately $65 billion, second only to the cryptocurrency "long-term hegemony" of Bitcoin.
Lubin said:
“We spend a lot of time with the lawyers in the United States and other countries to discuss. We are very pleased to conclude that Ethereum is not a security; Ethereum is never a security.”Just as the Wall Street Journal reported that US regulators are investigating cryptocurrencies, and Ethereum, in particular, should be treated as a type of security and subject to regulation, ETH prices dipped nearly 6% on Tuesday morning. Since then, Ethereum prices have risen by about 2.5% and returned to about $663 on Tuesday afternoon.
In last week’s commentary, Gary Gensler, former chairman of the US Commodity Futures Trading Commission (CFTC), said, “There are good reasons to suggest that Ethereum and Ripple are non-compliant securities.” Currently, CFTC considers bitcoin as Commodities are therefore not subject to the regulatory restrictions of the Securities and Exchange Commission (SEC).
Lubin quoted Gensler's words in his response, but he said that he dismissed these words. He said, "I am very pleased with the fact that many relevant regulatory agencies understand the nature of Ethereum."
He went on to say, "We don't care about the current discussion at all," and explained that he and other co-founders of Ethereum have always believed that ETH is just a fuel for the operation and construction of the Ethereum platform.
Lubin said, “Because all these different industries are providing resources to run the Ethereum platform, they provide you with resources and you will need to pay them.” This is a compensation in the form of a small part of the Ethernet.
When asked who should supervise Ethereum, Lubin said he did not think it needed any supervision at all.
"I think we already have a regulatory plan; US securities law regulates securities. If you didn't pass the Howey test, then you are not a security." He also quoted the 1946 Supreme Court decision, which established a deal of some kind. Is it an investment contract standard?
Lubin said, "This is a way to get shared computing resources, so I'm not sure if Ethereum needs to be managed in any way."
According to the Wall Street Journal's previous report, the CFTC and the SEC's senior officials working group have planned to discuss the possibility of overseeing the cryptocurrency on May 7. It is not yet clear whether this meeting will be openly conducted.
