Ethereum (ETH) co-founder and ConsenSys CEO Joseph Lubin claims that U.S. philosophies are aligned with the crypto and blockchain ecosystem despite the regulatory hurdle.
According to CNBC, the CEO of ConsenSys said that blockchain technology, decentralized finance (defi), and cryptography “will prevail.”
Lubin’s statement comes while the U.S. Securities and Exchange Commission (SEC) marked 67 digital currencies as securities in June. Notably, the regulator has consistently taken legal action against some high-profile crypto firms, including Binance, Coinbase, and Ripple.
Moreover, Lubin added that SEC chair Gary Gensler “can’t just” allege “that many tokens” as securities. He even claimed that Ether, the native cryptocurrency of the Ethereum ecosystem, is a commodity.
“America will see that decentralized protocols, blockchain, cryptocurrency are aligned with the philosophies of the U.S. And I think much of the rest of the world will follow suit.”
Joseph Lubin, Ethereum co-founder and ConsenSys CEO
With the significant influence on the world that the U.S. has through “financial intermediaries,” Lubin said, decentralized protocols could make a difference by “eliminating intermediaries in many ways.”
On the other hand, while the co-founder of Ethereum calls the U.S. a “free market,” Ripple CEO Brad Garlinghouse claims that the country is one of the worst regions for crypto and blockchain startups and companies.
Instead, Garlinghouse encouraged crypto-related companies to consider launching in Singapore, the U.K., the UAE, and Switzerland.