Why ConsenSys is Suing the SEC | Joseph Lubin & Matt Corva
Bankless
Bankless
4.7 • 1.2K Ratings
🗓️ 1 May 2024
⏱️ 65 minutes
🧾️ Download transcript
Summary
“The U.S. is trying to disconnect from Ethereum," that’s what Joe Lubin the CEO of Consensys said in today’s conversation. He was talking about those in power trying to unplug Ethereum from the citizens.
The SEC is going after Kraken, Coinbase, Uniswap and Metamask. They’re trying to turn every non-custodial wallet into a broker-dealer.
We brought on Joe Lubin, a crypto OG and CEO of Consensys the company behind a number of massive crypto projects including the popular Metamask wallet, and Matt Corva, the General Counsel at Consensys, leading the charge against the SEC
Joe and Matt are producing evidence that the SEC is coming after Ethereum itself. Sending discovery requests to Ethereum core developers, threatening their employers - pushing a coordinated effort to claim Ether is a security so they can control it.
So Consensys is taking them to court to settle the issue. If they’re successful it’ll be the first time we get a clear court ruling that Ether is a commodity and not a security.
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TIMESTAMPS
0:00 Intro
6:35 SEC vs. Ethereum
9:45 The Uniqueness of This Case
11:15 88,000 Pages to the SEC
12:11 SEC Going After Devs?
14:47 The Wells Notice
16:27 ETH ETF
17:58 Outcome of Consensys Winning
21:29 U.S. Law Process & Timeline
25:55 Ether Isn’t a Security
34:50 Gary’s Confidence Conspiracy
41:17 MetaMask Isn’t a Broker Dealer
47:10 What is Prometheum?
51:10 How Can the SEC Win? What Happens to Crypto?
55:49 What the Crypto Community Can Do
59:50 What Happens Next?
1:03:15 Closing & Disclaimers
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RESOURCES
Consensys Complaint
https://consensys.io/crypto-regulations/defend-ethereum
https://assets.ctfassets.net/gjyjx7gst9lo/Bu1bK7DF3tSig9Atde0lM/2fcaadea2b111a8c3f3ebce4a6a2386c/Consensys_sues_the_SEC_in_defense_of_the_Ethereum_ecosystem.pdf
Joe Lubin
https://twitter.com/ethereumjoseph
Matt Corva
https://twitter.com/MattCorva
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Transcript
Click on a timestamp to play from that location
| 0:00.0 | This regulatory scrutiny is great because it gives us an opportunity to share how powerful and wonderful the technology is and can be and it gives us a platform effectively to speak with politicians and regulators, help them understand that it's not just this action, we need many, many actions to reform the laws in the United States and on the planet so that the world can embrace this technology and so if we want it we're all going to |
| 0:26.4 | have to fight for it. |
| 0:31.6 | The US is trying to disconnect from Ethereum. |
| 0:34.4 | That's what Joe Lubin, the CEO of Consensus, said in our conversation today. |
| 0:38.8 | And he was talking about those in power trying to unplug Ethereum fromrium from the citizens from we the people and |
| 0:44.4 | I gotta say the evidence for that increasingly seems to back up that statement |
| 0:48.4 | the SEC is going after Krakan coinbase uniswap metask, we've done episodes on many of these. |
| 0:55.0 | They're essentially trying to turn every non-custodial wallet into a broker-dealer. |
| 0:59.4 | You already know some of that story, but here's what's new. |
| 1:02.2 | Joe and Matt are producing evidence that the SEC of that |
| 1:05.0 | the SEC is coming after Ethereum itself. |
| 1:07.0 | The SEC is sending discovery requests to Ethereum |
| 1:10.0 | core developers threatening their employers. |
| 1:12.0 | They're pushing a coordinated effort to claim |
| 1:14.1 | Ether is a security so that they can control it. But this time we're going on the offensive. |
| 1:19.9 | Consensus is taking them to court to settle this issue once and for all and if they're successful |
| 1:24.8 | it'll be the first time in a US court we get a clear ruling that ether is not a security it's a commodity |
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