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Joseph Lubin, Ethereum Co-Founder Asserts that ETH Is A Commodity

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One of the Consensy’s co-founders declares that ETH is a commodity even though SEC Gary Gensler refuses to admit it, it doesn’t matter.

Even though the United States SEC (Securities and Exchange Commission) is in a legal battle throughout the cryptocurrency space, Joseph Lubin, Ethereum’s co-founder isn’t losing sleep over it.

During an interview with CNBC, Lubin was asked about the likelihood of the regulators categorizing ETH (Ether) as security.

The Ethereum co-founder responded that the verdict from the regulators concerning Ether is already out.

According to Lubin, “the Securities and Exchange Commission has already replied.” He was citing the 2018 speech of the previous SEC commissioner, Bill Hinman on Ethereum and cryptocurrency securities.

READ ALSO: Bullish Sentiment: Will Bitcoin soar past $30k?

Is It Concluded that Ether Is A Commodity?

Regarding the status of this particular coin, certain regulators within the United States including the Securities and Exchange Commission are yet uncertain.

However, during an interview with a crypto news outlet, Consensy’s CEO stated  that it is “a done deal” that Ether is within the category of commodities.

In order words, Lubin is saying that ETH should be regarded as natural gas, oil, gold, and other goods.

Furthermore, he said that various regulators have asserted that ETH shouldn’t be classified as a security.

He went further to say that “Bill Hinman made a speech, the Securities and Exchange Commission has spoken, and various watchdogs have also spoken.

I suppose it was revealed that back in the middle of 2018, about 18 of Hinman’s colleagues collaborated with him to make that speech.

So this means that actually, the SEC spoke through Hinman.

Similarly, the CFTC also spoke heatedly numerous times on how the classify ETH as a commodity instead of a security.”

However, Lubin noted that there are still some authorities that haven’t yet recognized that ETH should join with the class of commodities.

For those people, he said that “I don’t know the reason for your hesitation” but it doesn’t matter.

How Is SEC Gary Gensler Responding?

On this matter, the SEC Chair, Gary Gensler has been more undecided.

According to a video clip that was released recently, as far back as 2018, Gensler identified various cryptos including ETH, and BTC as “not securities.”

Then several years later, he now described them as securities claiming that it was only Bitcoin that he deemed as a commodity.

When asked about other token categories, he refused to make any comment.

In April this year, the House Financial Services Committee questioned Gensler regarding whether SEC classifies ETH as a commodity or a security.

He dodged giving the committee any direct explanation. Rather, his answers were vague ones and he didn’t give any exact detail.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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