Consensys, the company co-founded by Joe Lubin, is prepared to spend millions of dollars to challenge the Securities and Exchange Commission’s (SEC) enforcement campaign against the broader Ethereum ecosystem in the United States, according to Lubin. In an exclusive interview on the Decentralize with Cointelegraph podcast, Lubin discussed Consensys’ decision to take preemptive legal action against the SEC. Lubin expressed concerns about the financial and operational costs incurred by the cryptocurrency ecosystem due to the SEC’s “regulate by enforcement” policies. He described the SEC’s enforcement actions as a “carpet bombing” of the entire ecosystem, which has forced companies to produce a significant amount of documents to comply with the regulator’s demands. Lubin also revealed that Consensys is preparing to pay tens of millions of dollars in legal fees to challenge the SEC’s classification of Ether (ETH) as a security. He criticized the SEC for punishing companies in the ecosystem without explicitly declaring Ether as a security.
In addition to discussing the legal battle with the SEC, Lubin also talked about Ethereum’s roadmap and its scalability solutions. He highlighted the importance of modularization and layering in achieving scalability. Lubin explained that Ethereum has achieved horizontal and vertical scalability, which will allow for more layers of complexity in the future. He emphasized the need for diversity of solutions to enable Ethereum’s infrastructure to converge and provide a seamless user experience. Lubin envisions an “intents-based architecture” where different parts of Ethereum’s network can communicate and carry out transactions based on users’ specific needs. He compared this future architecture to the current internet, which relies on various databases for different purposes. Lubin also shared his views on other cryptocurrencies, including Solana (SOL) and Bitcoin (BTC), and discussed the ongoing influence of Vitalik Buterin on the Ethereum ecosystem.
Overall, Lubin’s interview with Cointelegraph provided insights into Consensys’ legal battle with the SEC and the future of Ethereum’s scalability and infrastructure.