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Lanon Wee

Ethereum Co-Founder Predicts Outcome of SEC's Crypto Firms Legal Proceedings

Joseph Lubin, one of the creators of Ethereum and CEO of ConsenSys, asserted that U.S. regulators will soon realize that decentralized protocols, blockchain, and cryptocurrency are in accordance with the ideals of the US. Even though the SEC is engaging in legal confrontations with cryptocurrency establishments, claiming that many crypto tokens constitute securities and consequently necessitating that crypto businesses have to officially register them with the regulator before putting them up for sale, Lubin expressed his confidence when speaking to CNBC on Thursday that, as with prior technologies such as the internet, the web, and cryptography, informed minds will triumph. Joseph Lubin, the co-founder of Ethereum, believes the U.S. Securities and Exchange Commission (SEC) will eventually come around in its dispute with crypto firms over whether crypto tokens are securities. Speaking on CNBC's "Capital Connection" on Thursday, Lubin said, "I anticipate that, with previous technologies like the internet, the web and cryptography, clear heads will prevail. 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." These sentiments come as a number of major players in the crypto space, such as Binance, Coinbase and Ripple, are caught up in legal battles with the SEC. The regulator has sued Ripple and its co-founders for the alleged sale of XRP tokens without registering with the SEC, while Coinbase and Binance have been charged with securities law violations. HSBC identifies 6 Chinese tech stocks with good value and projects over 50% upside; analyst describes one chipmaker as 'absolutely formidable' and explains its advantage; Morgan Stanley identifies potential future developments in smartphone tech and selects global stocks to buy; analyst suggests exploring options beyond the 'Magnificent Seven' tech stocks and lists 5 top picks. HSBC highlights 6 Chinese tech stocks which they deem to be good value. A single stock has the potential for an upside of more than 50%. An analyst has indicated her preferred chipmaker, citing this company's advantage. Morgan Stanley has disclosed a major development in smartphones and has picked stocks in this space which are expected to perform well. It has been suggested to look beyond the popular "Magnificent Seven" tech stocks, and an analyst has named 5 tops picks. Gensler declared that the majority of crypto tokens are securities when presenting his testimony to the House Financial Services Committee in April, and added that these tokens must be registered with the SEC. Despite this, Lubin contested Gensler's declaration, arguing that each crypto token needs to be demonstrated to be a security. In March, Lubin went on to suggest that ether should be viewed as more of a commodity like oil, and on Thursday he reaffirmed this statement to CNBC's Dan Murphy. Crypto leaders have expressed their discontentment with the U.S. regarding their lack of clarity when it comes to crypto regulations. If the SEC continues to be stringent, they even threatened to relocate to another country. According to Lubin, "Many countries look to the U.S. for direction. Decentralized protocol technology is about reducing intermediaries and encouraging more free markets, capitalism and free speech - all values the U.S. is known for."

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