Ethereum (ETH) Is Commodity, Consensys Founder Says

U.Today
U.Today

28 Jun 2023 10:16 AM

Joseph Lubin, founder of Consensys and co-founder of Ethereum, in recent CNBC interview, made case for classifying Ethereum's native cryptocurrency, Ether (ETH), as commodity...

  • Consensys founder Joseph Lubin believes that Ethereum (ETH) should be classified as a commodity.
  • Lubin references past statements by regulatory bodies, such as the SEC and CFTC, to support his stance.
  • The chairman of the SEC, Gary Gensler, has not explicitly acknowledged Ether as a commodity, unlike Bitcoin.
  • Lubin highlights a speech by former SEC official Bill Hinman in 2018, which declared Ether not a security.
  • Lubin acknowledges that there may still be regulators who consider Ether a security, but he doesn't see it as a significant issue.
  • Lubin emphasizes the progress and successful developments in the cryptocurrency industry in 2022.
  • He mentions the importance of cleaning up centralized finance (CeFi) for the industry's growth.
  • Lubin's statements do not have any official impact on the classification of Ether, as formal recognition from Gensler and the SEC is still pending.

The article presents Joseph Lubin's belief that Ethereum should be classified as a commodity. It highlights his references to past regulatory statements and his emphasis on the progress in the cryptocurrency industry. However, it also mentions that Lubin's statements do not have any official impact without formal recognition from the SEC.

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You May Ask

What classification does Joseph Lubin believe Ethereum should have?Which regulatory bodies' statements does Lubin reference to support his stance?Has the chairman of the SEC explicitly acknowledged Ether as a commodity?What speech by a former SEC official does Lubin highlight?What does Lubin emphasize as valuable for the cryptocurrency industry's growth?

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