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| Ethereum Co-Founder Joseph Lubin Says Crypto Ecosystem Thriving But Requires More Regulatory Clarity |
According to Joseph Lubin, the co-founder of Ethereum, the crypto ecosystem has never been stronger or better than it is now. He expressed that while there are certain financial and banking headwinds that the industry is facing, conferences on cryptocurrencies have never been larger. He also noted that the development, use cases, usability, and scalability in the Ethereum ecosystem have never been better, which is accelerating its growth. Lubin also opined that bitcoin is sound money, and ether is ultrasound money.
However, Lubin emphasized that the crypto industry requires more clarity from regulators. He stated that the industry has two major factions, including the money-crypto faction and the tech-crypto faction. While money crypto should be regulated, he argued that the tech crypto faction is simply building decentralized protocols infrastructure, which should not be regulated.
Regarding the allegation made by the New York Attorney General that ETH is a security, Lubin stated that anybody can say anything, and it doesn't make it true. He also noted that there are differing opinions among U.S. regulators regarding whether ether should be classified as a security. SEC Chair Gary Gensler believes that ETH is a security, while the chairman of the Commodity Futures Trading Commission (CFTC) has stated multiple times that it is a commodity.
In conclusion, Lubin believes that the crypto industry is thriving, but it requires more clarity from regulators to grow further. While he argued that tech-crypto infrastructure should not be regulated, he acknowledged that money crypto should be regulated. Finally, he stated that there are differing opinions among regulators regarding whether ether should be classified as a security.
