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Joseph Lubin, CEO of ConsenSys, discusses the SEC's attempts to control Ethereum, suggesting a disconnection from citizens. ConsenSys is fighting back against the SEC to establish Ether as a commodity, not a security. The legal battle aims to clarify Ethereum's status amidst regulatory challenges in the crypto industry.
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Quick takeaways
- Consensus is challenging the SEC's view that Ethereum is a security, aiming to establish it as a commodity.
- The SEC's attempt to regulate non-custodial wallets like Metamask threatens industry innovation and crypto development in the US.
Deep dives
The Fight for Ethereum's Classification
Consensus is taking legal action against the SEC to establish that Ethereum is not a security but a commodity. They argue that the decentralized nature of the Ethereum protocol, public development processes, and previous statements by regulatory bodies support this classification. Consensus believes that certain factions in the US aim to disconnect America from Ethereum due to potential disruptions to traditional financial intermediaries.
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