Ethereum Co-Founder Believes 'Clear Heads Will Prevail' Amid SEC's Crypto Crackdown

The co-founder of Ethereum ETH/USD, Joseph Lubin, has expressed confidence that “clear heads will prevail” amid the ongoing disputes between the U.S. Securities and Exchange Commission (SEC) and crypto firms over the classification of crypto tokens, CNBC reported.

"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," he said.

Lubin, who also heads blockchain technology company ConsenSys, made these remarks as crypto firms such as Binance, Coinbase COIN and Ripple XRP/USD continue battling lawsuits from the SEC for alleged law infringements.

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The SEC has accused Ripple and its co-founders of violating securities laws by selling its native cryptocurrency XRP without SEC registration. Coinbase was charged with operating an unregistered exchange and broker, while Binance faced accusations of several securities law violations.

In his written testimony to the House Financial Services Committee in April, SEC chair Gary Gensler declared that “the vast majority of crypto tokens are securities” requiring registration with the SEC.

Lubin, however, disagrees with Gensler’s view, insisting that ether should be considered more of a commodity, similar to oil.

Crypto leaders have criticized the U.S. for the lack of clear crypto regulations and have threatened to exit the country if the SEC persists with its crackdown on crypto firms.

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