According to the founder of ConsenSys and one of the creators of Ethereum, Joseph Lubin, ETH will not be classified as a security in the United States after the transition to Proof-of-Stake.
He has explained:
“I think this is just as likely and will have the same impact as Uber being outlawed. This would cause a huge outcry not only from the crypto community, but also from various politicians and certain regulatory bodies.”
The head of the SEC, Gary Gensler, admitted in September last year that staking cryptocurrencies could pass the Howey test, which is used to determine the status of securities. The statement came after the activation of The Merge update on the Ethereum mainnet.
Lubin said he has been in discussions with the SEC and the Commodity Futures Trading Commission for “many years.”
