Consensys Founder Believes Crypto Regulatory Hurdles Nearing Finish Line
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On June 19, the U.S. Securities and Exchange Commission (SEC) officially ended its probe into Ethereum 2.0 and no longer pursued charges against Ethereum sales as securities. According to Joseph Lubin, the Canadian-American businessman and founder of ConsenSys, the landmark decision could be a sign that regulatory hurdles may soon ease. As the SEC has cleared the Ethereum case, the cryptocurrency industry eyes easing regulations. “We are hopeful that the antagonism to crypto among some US regulators is starting to wane and that the national investor protection strategy will evolve from the current guerrilla tactics,” Lubin shared his thoughts about the SEC’s decision with FOX Business’ Eleanor Terrett. The USA is Falling Behind The closure of the investigation has removed uncertainty hanging over Ethereum over the past few months. The move follows the SEC’s recent approval of spot Ethereum ETFs, which suggests the regulator’s easing stance towards cryptocurrencies. While Lubin welcomes this development, he believes it’s “not sufficient.” According to him, Consensys’ goal is a more structured regulatory system for cryptocurrencies. “There has to be a better way to regulate the market than through ambush,” he added. “…we are intent on achieving more legal clarity for all.” According to FOX Business, the SEC’s investigation into Ethereum 2.0 (Ethereum under Proof-of-Stake era) had been ongoing since March 2023 under the leadership of Gurbir Grewal, Director of the SEC’s Division of Enforcement. In late April, Consensys filed a lawsuit against the SEC to defend the Ethereum ecosystem and its product, MetaMask. Consensys argued that Ether, Ethereum’s native token, is a commodity, not a security, and that the SEC lacks the legal authority to regulate it as such. Earlier this month, the entity reportedly sent a letter to the SEC to reiterate its arguments. This time, Consensys used the SEC’s recent approval of…
Filed under: News - @ June 24, 2024 10:26 am