ConsenSys founder: Ethereum and blockchain technology are under threat from the US SEC

ChainCatcher message, Ethereum co-founder and ConsenSys founder and CEO Joseph Lubin published an article titled "Ethereum and Blockchain Technology Are Under Threat from Washington Regulators," stating that without legal authorization, the U.S. Securities and Exchange Commission (SEC) is arbitrarily reclassifying Ethereum from a commodity to a security in order to enforce its registration and other requirements related to securities (such as bonds, stocks, and other investments) within its jurisdiction.

However, Ethereum is clearly and logically not a security. On multiple occasions, both the SEC and the Commodity Futures Trading Commission have confirmed this, and the entire business model of ConsenSys is built upon this clear, prior regulatory consensus.

The SEC's regulatory escalation violates the fundamental principle of separation of powers, under which Congress is responsible for legislating and allocating jurisdiction over blockchain technologies like Ethereum.

More broadly, if the SEC wins, it would mean the end of the Ethereum blockchain in the U.S., as it would render Ethereum functionally inaccessible and unusable.