US Regulatory Lapses: Consensys CEO Blames Inaction

US Regulators Falling Behind in Cryptocurrency Regulation, Says Joseph Lubin

According to Joseph Lubin, founder and CEO of Consensys, US regulators have been "asleep at the wheel" when it comes to properly regulating cryptocurrencies. Instead, they have been extending the reach of existing laws that do not fit the nature of these assets.

Regulators Asleep at the Wheel

Lubin’s comments came during the Ethereum Community Conference in Brussels, where he criticized the regulatory situation in the US. He accused regulators of allowing opportunistic actors, such as large banks and financial operators, to influence and lobby in their favor.

Unfair Enforcement Measures

The situation has led to many industry players operating under unclear laws, creating uncertainty, and undermining innovation in the US. Lubin highlighted the contradiction faced by the SEC, which had previously taken a more neutral stance on cryptocurrencies.

Elections Bringing Change

Despite criticisms of regulators, Lubin believes that the outlook among legislators is changing due to the upcoming elections. He sees the elections as an opportunity for regulators to approach the sector in a fairer way, with less friction in the future.

Consensys Faces SEC Legal Battle

Consensys is currently facing a legal battle with the SEC over its MetaMask browser and mobile wallet, which the agency claims is operating as an unauthorized broker. Lubin assures that the company is not in violation of securities laws, as MetaMask does not offer a value or incur in any type of violation of the securities laws.

Regulatory Warning

This article serves as an informative piece only and is not intended to promote, endorse, or recommend any particular investment. It is worth noting that investments in cryptoassets are not regulated in all countries and may not be appropriate for retail investors. Check the laws of your country before investing.

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Warning: This article is informative only and is not intended to promote, endorse, or recommend any particular investment. Investments in cryptoassets are not regulated in some countries and may not be appropriate for retail investors. Check the laws of your country before investing.

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