Joseph Lubin, co-founder of Ethereum, opposes an SEC rule that reclassifies cryptocurrency from a commodity to a security. (615)
Without legal authority, the SEC is in the process of arbitrarily reclassifying ether from a commodity to a security so that it can enforce the sort of registration and other requirements that attach to “securities” under its jurisdiction, writes Joseph Lubin.backs it up: In this year’s first quarter, the state enjoyed the largest increase in nonagricultural employment across the country, posted record-high levels of jobs and logged its 36th consecutive month of positive annual growth.
Texas has built on this momentum and emerged as a decisive leader for so-called Web3 innovation. In other words, that’s the decentralization of blockchain technologies and token-based economics. Blockchain is the mechanism that records digital transactions across computers.This is no accident: Texas legislators have intentionally crafted pro-crypto policies which have, in turn, attracted a robust ecosystem of developers and miners.
Yet all this potential is under imminent attack from unelected regulators in Washington. Without legal authority, the Securities and Exchange Commission is in the process of arbitrarily reclassifying ether from a commodity to a security so that it can enforce the sort of registration and other requirements that attach to securities under its jurisdiction.But ether is plainly and logically not a security.
More broadly, if the SEC prevails, it spells the end of the Ethereum blockchain in the United States by rendering ether functionally inaccessible and unusable. Software developers in Texas and around the country wishing to create applications that are interoperable with Ethereum would have to register as securities broker-dealers with the SEC itself, a draconian step that would basically outlaw all current software development in the U.S.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
SEC doesn’t want Ethereum to transform banking landscape, says Joseph LubinJoseph Lubin, Ethereum's co-founder, criticizes the SEC's regulatory stance, highlighting the threat to financial innovation.
Read more »
Solana could flip Ethereum in transaction fees within a week: ReportSolana could surpass Ethereum in transaction fees soon, challenging its “Ethereum-killer” status.
Read more »
Ethereum (ETH) Price Takes Hit as Major Holder Allegedly Cashes OutEthereum (ETH) allegedly dumped by Ethereum Foundation, again
Read more »
'Ethereum Will be Fine': Solana Cofounder Reacts to Ethereum FUDSolana's Anatoly Yakovenko offers reassuring stance amid concerns over Ethereum's future trajectory
Read more »
Hampton Goes From Washington to Washington in NFL DraftThe Commanders take the Husky safety in the fifth round.
Read more »
Skeletal Remains of George Washington's Relatives Found in Unmarked GravesAn investigation at a cemetery uncovered skeletal remains belonging to some of George Washington’s relatives. The remains of Washington’s family members were located in unmarked graves. The identities of the remains belong to George Steptoe Washington Jr., Dr. Samuel Walter Washington, and Lucinda (Lucy) Payne. Bone samples were compared to data from Samuel Walter Washington to examine whether the remains were part of the Washington family tree.
Read more »