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🟠US REGULATORS CRITICIZED BY LUBIN

🟠US REGULATORS CRITICIZED BY LUBIN

Day: 10 | Time: 22:06:27 Consensys founder Joe Lubin has claimed that US regulators were "asleep at the wheel" while speaking at the Ethereum Community Conference in Brussels on Wednesday, adding that some senators and a banking lobby were able to "take advantage" and influence SEC crypto policy. Lubin also discussed current SEC chairman Gary Gensler, stating that Gensler had previously said that Ether was not a security. Furthermore, Lubin claimed that Gensler had asked for "a mandate from Congress to regulate this new technology because he didn't have a mandate to regulate the technology." Consensys filed a lawsuit against the SEC on April 25th, stating that Ether does not have any of the characteristics of a security and therefore falls outside of the SEC's jurisdiction. The SEC countersued Consensys on June 28th, claiming that the company's internal wallet, MetaMask, violated several laws. Specifically, MetaMask's "swaps" feature, which allows users to exchange one token for another, made it an unregistered intermediary. Additionally, the SEC argued that MetaMask's staking service, which offered an easy way to interact with liquid staking protocols, should be classified as an unregistered securities program.

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