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Ethereum a commodity; Web3 is bigger than crypto – Joseph Lubin

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In an interview on CNBC, Joseph Lubin, co-founder of Ethereum and founder of Consensys said that Ethereum is a commodity and shouldn’t be treated as a security. This is in contrast to the opinion of the New York Attorney General who have argued that ETH could be classified as a security.

Lubin emphasizes that multiple regulators, including the SEC and the CFTC, have already recognized ETH as a commodity. It can be recalled that Gary Gensler, the current Chairman of the US Securities and Exchange Commission, said in 2018 that Bitcoin, Ethereum, Litecoin, and Bitcoin Cash, are not securities, and should not be treated as such.

Although at that time, Gary was serving as the Chairman of the Maryland Financial Consumer Protection Commission, his opinions about cryptocurrency were not taken lightly. For Lubin, while there are still a few regulators who haven’t acknowledged this fact, it does not change the fact that ETH is a commodity.

Web3 is more than crypto

When also asked about the world of crypto, Web3, and Consensys, he noted that Web3 is bigger than crypto. “Web3 isn’t cryptocurrency casinos,” he said, noting there is more value in the underlying technology called blockchain, which is useful beyond the creation of cryptocurrencies.

Looking back at how the industry has thrived, the co-founder explained that the year 2022 for the industry was filled with a lot of harm as well as the opportunity that brought about the building of useful products in the Web3 space.

He expressed excitement saying that the attention received from nation-states and organizations around the world allowed differentiating between money crypto – the exploitation, and tech crypto – the real value. 

In 2022, despite the collapse of several crypto platforms such as FTX, Genesis, and BlockFi, several nations showed interest in how they can utilize the Ethereum blockchain. Examples include Argentina, Ukraine, Zambia, Montenegro, and more.

Rebranding of Consensys 

He added that Consensys has taken steps to rebrand to meet up with the demands of the industry to build into the future. He noted that several developments will be coming as the ecosystem is built to drive adoption around the world.

Speaking about a research that said that only 8% of the global population is aware of Web3, Lubin noted that education is a major tool that will drive awareness and adoption of Web3 around the world.

Read also; Coinbase refutes the SEC’s allegations of violating securities laws

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