Joseph Lubin, co-founder of Ethereum, has issued a strong warning about the U.S. Securities and Exchange Commission (SEC), stating that the regulator’s current stance on cryptocurrency will have significant and lasting consequences for the industry. Lubin expressed concerns that if the SEC determines Ethereum (ETH) to be a security, it will effectively restrict Americans from buying ETH and hinder developers from further building on the Ethereum protocol. Earlier this year, SEC Chair Gary Gensler declined to provide a clear stance on whether he considers ETH to be a security. Lubin believes that if the SEC succeeds in classifying ETH as a security, it will negatively impact users of Ethereum throughout the United States and potentially exert influence on other countries, limiting access to decentralized protocols and financial disintermediation. Lubin, who is also the CEO of Consensys, the company behind MetaMask, the world’s most popular crypto wallet, recently received a Wells Notice from the SEC, indicating an upcoming enforcement action. In response, Consensys has filed a lawsuit against the SEC, aiming to prevent the regulator from reclassifying ETH as a security. Lubin argues that the SEC has been gaslighting the industry by internally treating ETH as a security, and the independent action taken by Consensys is intended to challenge this notion. Lubin acknowledges that introducing a technological paradigm shift is challenging, as it requires overcoming resistance and fostering open dialogue. However, he remains optimistic that this stage will ultimately lead to a positive outcome.