Joseph Lubin, Co-Founder of the Ethereum Foundation, spoke at a conference in New Orleans this Tuesday, while the media reported that US regulators are studying the status of the Ethereum cryptocurrency in an effort to determine whether it is a security or not..
Joseph Lubin: We are calm, because Ethereum is not a security
“The Ethereum Foundation is not at all concerned about the ongoing discussions,” The Street quoted Lubin as saying. “We spent a lot of time discussing this issue with lawyers in the United States and other countries. We are absolutely calm as Ethereum is not a security. It has never been a security. Many influential regulators understand what Ethereum is. “.
The Wall Street Journal wrote yesterday that Ethereum was in a gray zone, citing sources familiar with the situation. Special attention of regulators is drawn to the process of distribution of ether during the crowdsale in 2014 year, when the Ethereum Foundation managed to attract over 31 000 BTC or about $ 18.3 million.
Subsequently, this money was used to develop the platform, and some regulators suggested that investors could buy cryptocurrency, hoping that its value would increase over time due to the actions of third parties, which could qualify Ethereum as a security..
Lubin rejects this argument, stating that Ethereum will not pass regulatory tests for recognition as a security, since cryptocurrency serves as a tool for ensuring the functioning of the platform..
“Because different actors provide their resources for the platform to function, they have to pay,” he said. “It’s a way to gain access to distributed computing resources”.
The fact that Ethereum is distributed among community members through mining was recently used by former head of the Commodity Futures Trading Commission, Gary Gensler, as an argument against recognizing cryptocurrency as a security. At the same time, Gensler admitted that Ethereum may be unlawful security.
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