Joseph Lubin, the co-founder of Ethereum, has accused the United States Securities and Exchange Commission (SEC) of deliberately hindering innovation in the cryptocurrency industry. Speaking at a summit in London, Lubin explained that Consensys, the firm behind the MetaMask wallet, has decided to sue the SEC after receiving a Wells notice from the regulator. Lubin criticized the SEC’s lack of transparency, alleging that it has reclassified Ether as a security without informing anyone. He also claimed that the SEC’s enforcement actions are intended to create fear and uncertainty in the industry. Lubin stated that Consensys’ lawsuit aims to seek clarity from U.S. courts, particularly as the Commodity Futures Trading Commission has classified Ether as a commodity. Lubin further suggested that the SEC’s recent enforcement actions against Ethereum are motivated by the upcoming decision on the approval of Ether spot exchange-traded funds (ETFs). He believes that the SEC wants to justify its actions in case it denies the ETFs. Lubin also argued that the SEC is likely concerned about the transformative potential of decentralized finance and its impact on the banking industry. He emphasized the importance of a positive outcome in Consensys’ lawsuit against the SEC, as it could have far-reaching implications for the cryptocurrency and technology landscape in the U.S. Lubin criticized the SEC’s claim that wallets like MetaMask are acting as broker-dealers, calling it a dangerous precedent. He argued that requiring every MetaMask user to register their wallet as a broker-dealer is chilling and absurd. Lubin concluded that the SEC’s actions could have a significant impact on the entire technology industry in the U.S.
Joseph Lubin claims SEC opposes Ethereum's potential to revolutionize the banking industry