ETH Clearly a Commodity According to Ethereum Co-Founder Joseph Lubin

Joseph Lubin (Co-founder of Ethereum) said that it is clear that Ether (ETH) – is a commodity, not a security.

Some regulators in the United States, including the Securities and Exchange Commission, have been somewhat uncertain regarding the coin’s status.

There is no doubt that it is a commodity

at recent days interview For Bloomberg, Lubin said it’s a “lost conclusion” that ETH should be classified as a commodity, or in other words, treated like gold, oil, natural gas, and other items. He also mentioned that several watchdogs have stated that the token should not be considered a security.

The organizers have spoken. I’ve spoken to the Securities and Exchange Commission. Bill Hinman gave a speech, I think it was in the middle of 2018. It was revealed that I think 18 of his SEC colleagues worked with him on the speech, so the SEC actually spoke. The CFTC has spoken very bluntly several times when they consider yttrium to be a commodity rather than a security.”

He said there were still a few regulators who didn’t catch the “fact” that the currency should join the list of commodities. He added, “I don’t know why that’s the case, and in the end, it doesn’t matter.”

It is worth noting that the positions presented by the CFTC and the Securities and Exchange Commission (SEC) over the years have been highly controversial. Former President – Rustin Behnam – Proposal In October 2022, BTC and ETH are commodities, not securities.

However, he changed his vision after a few months, Governorate The only digital asset that can be classified as a commodity is Bitcoin.

Gary Gensler’s position

The chairman of the Securities and Exchange Commission – Gary Gensler – was more hesitant on the matter. A newly surfaced video from 2018 shows him describing several cryptocurrencies, including BTC and ETH, as “not securities.”

A few years later, though, it is claimed The only digital asset that can be considered a commodity is Bitcoin, as he declines to comment on the state of other tokens.

executioner avoid it A straightforward explanation when questioned by the House Financial Services Committee in April of this year on whether the SEC considers ETH to be a security or a commodity. Instead, he gave inaccurate answers without specifying details.

US regulator recently foot Lawsuits against two heavyweights in the crypto industry – Binance and Coinbase. It claimed to offer trading services in unregistered securities, including BNB, BUSD, SOL, MATIC, ADA, and others. Interestingly, the committee did not include ETH in that list.