SEC doesn’t want Ethereum to transform banking landscape, says Joseph Lubin

Joseph Lubin, Ethereum's co-founder, criticizes the SEC's regulatory stance, highlighting the threat to financial innovation.

Ethereum co-founder Joseph Lubin says the SEC is engaging in strategic enforcement action instead of engaging in meaningful discourse with the cryptocurrency industry.

“The SEC appears to have reclassified Ether as a security without telling anybody that that’s the case. They are going about a strategic series of enforcement actions rather than open discourse and clear rulemaking,” Lubin said.The CEO of Consensys — makers of the MetaMask wallet — said the enforcement actions intend to create fear, uncertainty and doubt for the cryptocurrency industry “in an attempt to paralyze” and force the company offshore.

“We believe that there’s a flurry of activity designed to enable them to say that their action wasn’t capricious in the very likely event that they deny the Ether spot ETFs,” Lubin explained. Lubin also speculated that the prospect of the banking industry's customers moving assets into digital forms using decentralized finance constructs could scare many banks and other financial institutions.

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