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A significant development in the cryptocurrency field yesterday was the SEC dropping its investigation into Ethereum. Following this development, Eleanor Terrett from FoxBusiness sought the views of Consensys founder Joseph Lubin. Lubin is also known as a co-founder of Ethereum. Let’s look at Lubin’s views and make our assessments.
Joseph Lubin Comments on SEC’s Move
Ethereum founder Lubin is an extremely important figure in the cryptocurrency world. Just as Vitalik Buterin’s statements create headlines, Lubin’s statements are also significant in the crypto world. Since the SEC’s decision to drop the investigation is directly connected to Consensys, Lubin expressed that this development is very pleasing and made the following comment:
“The SEC’s decision to close the 14-month investigation into Ethereum is a pleasing development. Necessary but not sufficient. There should be a better way to regulate the market legally without ambush. We hope that the hostility towards the crypto space among some US regulators will start to decrease and that the current guerrilla tactics in the implementation phase of the national investor protection strategy will evolve. Until then, we will continue our case against the SEC in Texas because we are intent on achieving more legal clarity for everyone.”
What particularly caught my attention in Lubin’s comment is the gradual change in the SEC’s perspective on the cryptocurrency field. As this perspective changes, the SEC will likely engage in more cooperation and a constructive approach with companies in the crypto space.
Why Did the SEC Take This Step?
One important reason for the SEC’s move can be explained as avoiding contradiction. Imagine, on one hand, you are paving the way for spot Ethereum ETFs, and on the other hand, you intend to pursue legal action against Ethereum. The SEC seems to be taking a stance that neither burns the candle nor the kebab.
The SEC must have also realized that nothing would come out of the investigation. There is no point in fighting for something that will yield no results. Although the SEC has dropped the investigation, Consensys will continue its lawsuit against the SEC. The lawsuit, filed in April, challenges the SEC’s classification of Ethereum as a financial security.
Lubin also reiterated in his statement the importance of this legal battle, emphasizing that achieving more definitive legal clarity is crucial not only for Ethereum but also for the Blockchain and cryptocurrency space.
