Ethereum’s classification as a security is highly unlikely, affirms Joe Lubin, co-founder of the cryptocurrency.

Joseph Lubin, co-founder of Ethereum and founder of ConsenSys, expressed his confidence that Ether (ETH) will not be classified as a security in the United States. Speaking at the Web3 event in Tel Aviv, Lubin stated that there would be significant opposition from the crypto community, politicians, and regulators if ETH were to be classified as a security. The Chairman of the Securities and Exchange Commission, Gary Gensler, had previously suggested that the transition of Ethereum to a proof-of-stake consensus model might bring ETH under regulatory scrutiny. Lubin revealed that he has been involved in discussions with the SEC and the Commodity Futures Trading Commission for several years. He believes that ETH is sufficiently decentralized and has numerous use cases that do not make it a security. Lubin also mentioned that regulators are currently more focused on stablecoins. In response to rumors of a potential ban on retail consumers staking crypto, Coinbase CEO Brian Armstrong stated that staking is not a security and emphasized the importance of clear rules and consumer protection in the industry.