Ethereum (ETH) Co-founder Joseph Lubin opposes regulators who liken Ethereum to a security, saying that this asset is more like a commodity like oil.
Ethereum Co-Founder Joseph Lubin Says ETH Is A Commodity
In an interview at Paris Blockchain Week, Lubin said he is “very confident” that ETH is not a security.
“Anyone can say anything, that doesn’t make it right,” Lubin told CNBC.
Concerns that ETH could be considered a security were raised by New York Attorney General Letitia James against Seychelles-based cryptocurrency exchange Kucoin, alleging that the firm failed to register as a securities and commodities broker and falsely represents itself as an exchange. stemming from a lawsuit.
In the lawsuit, the New York Attorney’s Office also listed ETH among several tokens listed on Kucoin that the regulator considers securities, noting that it is a “speculative asset” that relies on the efforts of third-party developers to generate profits for its holders.
“It’s unfortunate that this kind of attribution has been made, but I don’t think it’s that important,” James said.
Blockchain.com co-founder Nic Cary told CNBC’s Kharpal:
“I’m not that worried about Ethereum. Even if you want to open this case, I don’t know where to target it.”
Previously, the US Securities and Exchange Commission also suggested that ether could be classified as a security due to its move to a new verification system known as “proof of stake”.
*Not investment advice.
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