Consensys, led by Ethereum co-founder Joe Lubin, is prepared to spend millions of dollars in a legal battle against the Securities and Exchange Commission (SEC) in the United States. Lubin discussed this decision on the Decentralize with Cointelegraph podcast, expressing concerns about the financial and operational costs incurred by the cryptocurrency ecosystem due to the SEC’s enforcement policies. He criticized the SEC’s approach of “regulate by enforcement” and the burden it places on companies to comply with extensive document requests. Lubin revealed that Consensys is planning to pay significant legal fees to challenge the SEC’s determination that Ether (ETH) is a security. He emphasized that while many consider Ether to be a commodity, the SEC’s actions treat it as a security, affecting the entire ecosystem.
Lubin also touched on Ethereum’s roadmap and scalability. He described how Ethereum has achieved horizontal and vertical scalability, which will allow for more complexity in the future. The goal is to create an “intents-based architecture” where Ethereum’s network seamlessly carries out transactions based on user preferences. This will require the use of artificial intelligence tools and highly scalable infrastructure. Lubin drew parallels to the current internet, which relies on various databases for different purposes.
In addition, Lubin shared his thoughts on staking, the Solana ecosystem, Bitcoin’s influence on his journey in the crypto world, and Vitalik Buterin’s role in Ethereum’s development and global initiatives.
To listen to the full podcast episode, visit Cointelegraph’s podcast page, Spotify, Apple Podcasts, or your preferred podcast platform.