‘Extremely Comfortable’ That Ether is Not a Security: Ethereum Co-Founder

US financial regulators are reportedly set to meet next week to discuss whether ether should be regulated as a security under federal law, but Ethereum co-founder Joseph Lubin is not concerned. Lubin, who now runs blockchain development studio ConsenSys, told financial publication TheStreet that he is “extremely comfortable” with the legal due diligence Ethereum’s founders conducted at the project’s outset to ensure it remained in compliance with applicable regulations. “We spent a tremendous amount of time with lawyers in the US and in other countries, and are extremely comfortable that it is not a security; it never was a security,” said Lubin, “we are absolutely unconcerned about the current discussions.” “I think we already have a regulatory scheme; securities laws in this country govern securities. If you fail the Howey test, you’re not a security,” Lubin added, referencing the framework commonly used to determine whether an asset is a security.…

Read the original article here