SEC doesn’t want Ethereum to transform banking landscape, says Joseph Lubin

Ethereum co-founder Joseph Lubin says the SEC is engaging in strategic enforcement action instead of engaging in meaningful discourse with the cryptocurrency industry.

Ethereum co-founder Joseph Lubin believes the Securities and Exchange Commission (SEC) is intentionally hindering innovation which threatens the existing financial landscape in the United States.

Speaking at FT Live’s Crypto and Digital Asset summit in London, Lubin unpacked Consensys’s decision to sue the SEC after receiving a Wells notice from the U.S. securities regulator.

“The SEC appears to have reclassified Ether as a security without telling anybody that that’s the case. They are going about a strategic series of enforcement actions rather than open discourse and clear rulemaking,” Lubin said.

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