Ethereum co-founder Joseph Rubin has issued a warning about the U.S. Securities and Exchange Commission (SEC), saying the regulator's current policies toward cryptocurrencies will have a lasting impact on the industry.
In a new interview with Wired, Rubin said that if ETH is declared a security by the SEC, people in the U.S. will not be able to purchase it and developers will be able to develop Ethereum and build further applications on top of it. He said he would no longer be able to do anything. of the protocol.
Earlier this year, SEC Chairman Gary Gensler declined to confirm whether ETH is considered a security.
Rubin says,
“If the SEC is able to go through with it, it will have a chilling effect on Ethereum users across the United States…
If the US has its way, it could use its vast arsenal of laws to reach out to countries around the world and pressure them to reduce access to decentralized protocols and financial disintermediation.
We don't want to feel like we're being pushed around by unreasonable or thoughtless regulators. We need to stand our ground. ”
Mr. Rubin is the CEO of ConsenSys, the developer of MetaMask, the world's most popular cryptocurrency wallet, and the company recently received a wells notice from the SEC. Wells notices are issued when regulators wish to warn of upcoming enforcement action.
ConsenSys quickly responded with a lawsuit against the SEC, but Rubin, whose worth was estimated by Forbes magazine to be between $1 billion and $5 billion in 2018, blocked regulators from reclassifying ETH as a security. He claimed that his purpose was to.
“Our actions are related to MetaMask. But it also exists on its own. The SEC has been gaslighting the industry for quite some time, essentially declaring internally that ETH is a security; It's enforcing that secret concept, and I believe that's going to continue unless we take independent action on our own merits that gets to the heart of the matter. They want to reclassify it.
It is difficult to create a technological paradigm shift in a society that feels like everything is working fine. Over the past few decades, internet technology has been disruptive and required a lot of dialogue and open-mindedness. In the United States, safe harbors were created to enable the proliferation of web technologies, and this has had a transformative effect.
I am confident that things will go well this time as well. But we are at a really painful stage where there is resistance. ”
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