U.Today – Ethereum cofounder and ConsenSys comments on the SEC’s ongoing legal battles with crypto businesses.
The U.S. Securities and Exchange Commission (SEC) has filed lawsuits against crypto firms, alleging that most crypto tokens are securities and that crypto firms must first register them with the regulatory agency before selling them.
As, in a written testimony presented at the House hearing on Tuesday, SEC chair Gary Gensler cited noncompliance with the securities law in the crypto industry as the reason for the filing of several enforcement actions.
As the SEC seeks to perpetuate its regulation-by-enforcement agenda, the cofounder of Ethereum, Joseph Lubin, predicts that “clear heads will prevail.”
“I anticipate that, with previous technologies like the internet, the web, and cryptography, clear heads will prevail,” Lubin told CNBC.
Lubin also sees the U.S. setting the pace in regulation, while the rest of the world will follow suit: “America will see that decentralized protocols, blockchain, and cryptocurrency are aligned with the philosophies of the U.S. And I think much of the rest of the world will follow suit.”
The CEO of ConsenSys also commented on SEC Chair Gary Gensler’s belief that most cryptocurrencies will pass the investment contract test. He argues that such a claim cannot be made without evidence.
“Gensler indicated that he feels that many tokens are securities, although they really need to be demonstrated to be that. He can’t just make that pronouncement, ” the ETH cofounder stated.
Lubin maintains his stance that Ethereum is a commodity.
h2 SEC v. Crypto: No backing down/h2 As the between Ripple and the Securities and Exchange Commission (SEC) nears its conclusion, the company’s president, Monica Long, has declared that the firm will not back down from the fight.
Last month, Coinbase (NASDAQ:COIN) moved to dismiss the SEC lawsuit, while notable individuals and organizations joined the case as amicus curiae, among which are six securities law scholars from notable universities. LBRY, despite losing its summary judgment against the SEC, recently filed a notice of appeal.
This article was originally published on U.Today
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