Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
Crypto Flexs
Home»ADOPTION NEWS»Consensys founder Joe Lubin says US regulators were ‘asleep at the wheel’
ADOPTION NEWS

Consensys founder Joe Lubin says US regulators were ‘asleep at the wheel’

By Crypto FlexsJuly 10, 20243 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Consensys founder Joe Lubin says US regulators were ‘asleep at the wheel’
Share
Facebook Twitter LinkedIn Pinterest Email

Consensys founder Joe Lubin said Wednesday during a speech at the Ethereum Community Conference in Brussels that U.S. regulators have been “driving quietly,” adding that certain senators and banking lobbies have “opportunistically” stepped in to guide the SEC’s crypto policy.

“They worked with Chairman Gensler to say, ‘Hey, let’s take a 100-year-old law and extend its jurisdiction and control this new technology so that it can essentially be grafted onto our current infrastructure,’” Rubin said. “The big banks and big financial institutions can continue to operate and probably create a dumb version of decentralization.”

Rubin also said he and others have struggled because of unclear laws.

“For years, we have become accustomed to operating under a dark cloud of regulatory uncertainty,” Rubin said.

Lubin discussed current SEC Chairman Gary Gensler, saying Gensler I said before Ether is not a security.

“He said during his tenure at MIT that 75% of these tokens were not securities. Ether is not a security,” Rubin said.

Rubin added that Gensler “asked Congress for the authority to regulate this new technology because he didn’t have the authority to do so himself.”

Rubin added that the upcoming U.S. elections have “really opened things up,” with lawmakers now looking for new ways to get votes and raise campaign funds.

“We’re making real progress, and we’re moving forward with much less fear, and I think there’s going to be a lot less friction in the United States going forward,” Rubin added.

Consensus I sued On April 25, Consensys filed a complaint with the SEC, claiming that Ether “has no securities properties whatsoever” and therefore falls outside the SEC’s jurisdiction. In the complaint, Consensys stated that it had received a Wells Notice from the SEC and that the agency intended to take enforcement action against them.

The SEC sued Consensys on June 28, alleging that the company’s internal wallet, MetaMask, violated several laws. Specifically, MetaMask’s “swap” feature, which allows users to exchange one token for another, made it an unregistered broker..

The SEC also argued that MetaMask’s staking service, which provides an easy way to interact with liquid staking protocols including Lido and Rocket Pool, should be classified as an unregistered securities program.

July 2, Texas Judge Approved Expedited proceedings for SEC proceedings against Consensys. The proceedings will run from July 29 to November 26. It suggested a decision on the case could be made by the end of the year or early 2025.


Disclaimer: The Block is an independent media outlet providing news, research and data. As of November 2023, Foresight Ventures is the largest investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information on the cryptocurrency industry. Below are the current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

NVIDIA’s BLACKWELL Architecture MLPERF has set up new performance standards.

June 6, 2025

Bitfinex updates version 1.116 improved platforms

June 6, 2025

SEI Network opens up the way of autonomous AI economy.

June 6, 2025
Add A Comment

Comments are closed.

Recent Posts

JPMORGAN accepts Bitcoin ETF with loan collateral: How investors can benefit

June 6, 2025

NVIDIA’s BLACKWELL Architecture MLPERF has set up new performance standards.

June 6, 2025

ZK-Proof Blockchain Altcoin Lagrange (LA) New Coinbase

June 6, 2025

ZK-Proof Blockchain Altcoin Lagrange (LA) New Coinbase

June 6, 2025

Bitfinex updates version 1.116 improved platforms

June 6, 2025

Encryption leverage: 2025 trend and change analysis

June 6, 2025

Why DEGO Price tank 60%after moving USD1 Stablecoin

June 6, 2025

SEI Network opens up the way of autonomous AI economy.

June 6, 2025

SEI hit 621K wallet and $ 930m tvL, but two regions should pay attention.

June 6, 2025

Bitcoin Is An Unreplicable Lifeline In Authoritarian Regimes

June 6, 2025

COREWEAVE is a NVIDIA GB200 Super Chip that achieves recorded MLPERF benchmarks.

June 6, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

JPMORGAN accepts Bitcoin ETF with loan collateral: How investors can benefit

June 6, 2025

NVIDIA’s BLACKWELL Architecture MLPERF has set up new performance standards.

June 6, 2025

ZK-Proof Blockchain Altcoin Lagrange (LA) New Coinbase

June 6, 2025
Most Popular

Top analyst loads ‘God candle’ on Solana-based altcoin, updates Bitcoin and Dogecoin outlook

November 1, 2024

Devconnect Scholars Program – Ethereum Stories from Istanbul and Beyond

March 1, 2024

Amnesty International Secretary-General: “AI innovation vs. regulation is a false dichotomy”

November 28, 2023
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.