Ethereum co-founder and the CEO of blockchain technology company Consensys, Joseph Lubin, is confident that ETH is a commodity despite the U.S. Securities and Exchange Commission (SEC) increasing its efforts to crack down on crypto securities. He said in an interview with CNBC on Thursday:

I stand by my conviction that ether is a commodity.

The securities regulator has increasingly taken enforcement actions against crypto platforms over unregistered crypto securities, including the Nasdaq-listed crypto exchange Coinbase. Coinbase has disputed the SEC’s allegation that it lists unregistered crypto securities. SEC Chairman Gary Gensler has said that all crypto tokens, except bitcoin, are securities.

In a testimony before the House Financial Services Committee in April, Gensler was asked whether he considers ether to be a security. However, the SEC chief would not provide a direct answer, stating: “I’m answering it in the generic because you would not want me to speak about any one set of facts and circumstance.” Meanwhile, the chairman of the Commodity Futures Trading Commission (CFTC) has said repeatedly that ether is a commodity.

Commenting on Gensler’s statement regarding crypto securities, Lubin stressed that crypto tokens “really need to be demonstrated to be [securities],” emphasizing that the SEC chairman “can’t just make that pronouncement.” Lubin previously likened ether trading to oil trading. “People buy barrels of oil with the expectation of profit,” he said in March.

The Ethereum co-founder continued:

I anticipate that, with previous technologies like the internet, the web and cryptography, clear heads will prevail.

“America will see that decentralized protocols, blockchain, cryptocurrency are aligned with the philosophies of the U.S. And I think much of the rest of the world will follow suit,” Lubin further shared, noting that “a lot of countries take some of their lead from the U.S.” He concluded:

The U.S. has a lot of influence on the world through financial intermediaries and other intermediaries, and decentralized protocol technology is about right sizing and eliminating intermediaries in many ways. The U.S. is also all about free markets, capitalism, free speech.

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