ConsenSys CEO: Political Forces, Banks Meddle in Crypto Regulations, SEC Asleep at the Wheel

IconCryptoNewsTerminal Staff10 Jul, 2024

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ConsenSys CEO: Political Forces, Banks Meddle in Crypto Regulations, SEC Asleep at the Wheel

Joseph Lubin, CEO of Ethereum (ETH) infrastructure developer ConsenSys and co-founder of Ethereum, expressed concerns about the current state of cryptocurrency regulations. According to Lubin, "certain political forces" and banks are using the issue of regulation to further their own agendas, while the Securities and Exchange Commission (SEC) has been slow to act. "Those who want to regulate cryptocurrencies are working with SEC Chairman Gary Gensler to expand their jurisdiction with 100-year-old laws and control new technologies," Lubin said. He added that the SEC's inaction has created a "regulatory uncertainty" that has hampered the growth of the cryptocurrency industry. "We have been operating our business in regulatory uncertainty for years," Lubin said. "I expect the upcoming US elections in November to open up a lot of possibilities. I think the friction in the US will be greatly reduced."

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