SEC Doesn't Want Ethereum To Transform Banking Landscape, Says Joseph Lubin

Ethereum co-founder Joseph Lubin ... unpacked Consensys’s decision to sue the SEC after receiving a Wells notice from the U.S. securities regulator.
“The SEC appears to have reclassified Ether as a security without telling anybody that that’s the case. They are going about a strategic series of enforcement actions rather than open discourse and clear rulemaking,” Lubin said.


Timing is suspicious

The Consensys CEO also highlighted the upcoming deadline for the SEC to issue a decision over the approval of Ether spot exchange-traded funds (ETFs) as a driving force behind the regulator’s renewed enforcement action against Ethereum.
“We believe that there’s a flurry of activity designed to enable them to say that their action wasn’t capricious in the very likely event that they deny the Ether spot ETFs,” Lubin explained.

Lubin said the SEC had noticed how much capital had flowed into the ecosystem following the approval of spot Bitcoin ETFs:
“I think they’re concerned that so much attention and capital will flow to our ecosystem, considering it is improving enormously in terms of scalability and usability.”

Lubin also speculated that the prospect of the banking industry's customers moving assets into digital forms using decentralized finance constructs could scare many banks and other financial institutions.
“The SEC probably doesn’t want to see a wave of innovation that will really transform the landscape," he said.

zerohedge.com

Actually I find the ratio IMF Debt/GDP much more important than Debt per se,
so I'd have made the ranking based on how big the IMF Debt is compared to the GDP of a country (e.g. with Ecuador in the 2nd spot),
but it is like it is...


Interesting: Egypt, one of the African countries with the most rich people (see previous post) and one of the countries with the biggest IMF Debt...

In fact, gold has always been the best "Safe Haven" Asset because of its stable value and cannot be compared with Bitcoin which is very volatile.

Both are different and cannot be equated, Bitcoin will certainly generate profits faster and more with fluctuations that occur, but the risk is also quite large.

+1 from me

BTC and Gold have different tasks.
Gold main task is to keep people purchasing power.
BTC main task is to multiply that purchasing power.

Comparing the performance of BTC vs. Gold makes little sense.


They say "BTC is better than gold because its performance is better", "Stocks are better than gold because they perform better".
Silly arguments.
They forget volatility.
Those who put their savings in BTC in 2021, those who put their savings in the stock markets in 1999 or 2007, a couple of months later either they have had a heart attack or they have shot themselves in the balls.



Unfortunately most people here are fixated with performance, so they compare gold and BTC performance and forget to compare their volatility.
For those who want to save - keep in mind the difference between saving and investing - volatility is more important than performance.

Compare BTC volatility with gold volatility and tell me who wins

"The IRS has repeatedly ranked as the most disliked federal agency and is the perpetual subject of much speculation regarding financial snooping and politically-motivated audits targeting individuals on both the right and left."

It is a well-known fact that Roger Ver's US-based businesses fell afoul of the US tax laws, despite no longer being a US citizen.

It is a well-known fact only among those who believe what Govs and mainstream media say, NAT
Sorry

I think you need to study in depth about Roger Ver because you might not be understanding that why we have said those words.

Sure Sam
I'm glad you - unlike me - have studied in depth about Roger Ver


I was just wondering why the IRS needed 10 years to discover the crime. Must be a coincidence.
They would never go after a prominent figure promoting the replacement of the $ with another currency, right?
(Just FYI: replacing the $ with BTC "threatens the US gov ability to govern")

The IRS would never do such a thing because otherwise mainstream media would immediately report it.
If US Gov, CNN, ABC, CBS, New York Times, Microsoft News and Facebook say someone is a criminal, it's an established fact that he is a criminal.

I don't consider BTC a Ponzi scheme.
I like the comment of "Eric Olson".

 i thought he was called El loco because he burst out right in the middle of WEF meeting. but yup its common for political enemies to just give a nickname to someone they wanna demonize to the public.

Thanks EC
yes, you thought Milei was called The madman because, the other one thought he was called The Madman because, I come in a crypto forum and see crypto people trashing the most prominent pro-BTC leaders - this forum is full of Musk bashers -, I see crypto people siding with governments and mainstream media in crashing crypto businesses in the USA, and I wonder What's wrong with these crypto people.

Now I understand why.
Crypto people drinking from mainstream media.
Of course they keep bashing Musk.
Of course they use the label madman when talking about Milei.
Of course they side with the US Gov.
Of course they call fake news what mainstream media call fake news.


I openend a poll about where are users from, I see most are from not-G7 countries.
X is strong in USA and G7 countries - I think.
Facebook, much stronger than X in non-G7 countries - I think.
My theory - I could be wrong - is that most users here use Facebook as main source of information.
This theory is supported by the fact that you never find a post trashing Mark Zuckerberg and Facebook.
Is my theory correct or is it wrong like always?