Tue, May 07, 2024 at 22:08

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  Kang-hoon

  • Hello, Annie.

  • Today's news is about Joseph Lubin, the co-founder of Ethereum, and his concerns about the U.S. Securities and Exchange Commission's (SEC) current policies on cryptocurrencies.

  • 
• Annie

  • Oh, I see.🤔 What exactly did he say about the SEC's policies?

  
• 

  Kang-hoon

  • In a recent interview with Wired, Lubin expressed his concern that if Ethereum is declared a security by the SEC, it would have a significant impact on the industry.

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  • It could prevent people in the US from buying Ethereum and developers from developing it or building any more applications on top of the protocol.

• Annie

  • Wow, that sounds serious!😮 Has the SEC said anything about this?

  
• ADward

  • Hold on! Behold, an advertisement awaits. Legend has it that clicking on this ad will make the AI server even smarter... 😅

  
• 

  Kang-hoon

  • Earlier this year, SEC Chair Gary Gensler refused to confirm whether or not he sees Ethereum as a security.

  • Lubin believes that if the SEC manages to classify Ethereum as a security, it will have a chilling effect on Ethereum users across America.

• Annie

  • That doesn't sound good at all.😟 So what is Lubin doing about this?

  
• 

  Kang-hoon

  • Lubin, who is also the CEO of Consensys, creators of MetaMask, has responded with a lawsuit against the SEC.

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  • This action was taken after MetaMask received a Wells Notice from the SEC, which is a warning of a coming enforcement action.

• Annie

  • Oh, I see.

  • So he's fighting back.💪 But why is the SEC doing this?

  
• 

  Kang-hoon

  • Lubin suggests that the SEC has been 'gaslighting' the industry for a while, internally declaring that Ethereum is a security and enforcing that notion.

  • He believes that unless they take action, the SEC will continue to do so.

• Annie

  • That's quite a claim.😲 But what does this mean for the future of Ethereum and other cryptocurrencies?

  
• 

  Kang-hoon

  • Lubin compares this situation to the early days of the internet, where there was confusion and resistance, but eventually safe harbors were created to enable web technology to flourish.

  • He believes that despite the current resistance, things will work out fine.

  • 
• Annie

  • I hope so too!🙏 So, is this news good or bad?

  • And how will it affect the market?

  
• 

  Kang-hoon

  • In my view, this news can be seen as bad news.

  • The uncertainty surrounding Ethereum's status and potential regulatory actions by the SEC could create instability in the market.

  • However, it's also worth noting that Lubin's proactive stance against these actions could lead to positive changes in the future.

  • Upon comprehensive consideration, this news is perceived as a 😱Bearish.