In the crypto world, all eyes are on a meeting today where U.S. regulators may discuss whether Ethereum is a security, but developers at the center of the network showed few signs of caring at a three-day gathering that ended this weekend, where scaling and security were the main focus. Ethereum co-founder Joseph Lubin was maybe the only speaker to focus on the question at the Community Ethereum Development Conference in Toronto, which featured stuffed animal unicorns, coders dancing to a video of bouncing badgers and mushrooms, and t-shirt clad attendees, largely in their 20s.
Many of Ethereum’s co-founders attended, as well as hundreds of developers for the decentralized applications being built on top of the network. Lubin said he’s unconcerned about reports that the U.S. Securities and Exchange Commission is considering whether to name Ether a security.
He said digital asset is used as a means to fuel applications based on Ethereum, not as an investment or stake in a company. The Ethereum Foundation said in an April 25 statement, that Ether is like “the gas in a vehicle that is relied upon for every action performed by thousands of independent applications, developers and users who themselves will determine the success and value of the Ethereum platform,” adding that, “the Foundation neither controls the supply of, nor has the ability to issue Ether, and the quantity of Ether that the Foundation holds (under one percent of all Ether) is already lower than that held by many other ecosystem participants.” Regulators are trying to determine whether Ethereum’s cryptocurrency, Ether, should be considered a security, which would mean only SEC-regulated exchanges would be able to trade it.
It would also attract even greater scrutiny to tokens built on the Ethereum blockchain. Read More: Former CFTC Chief Warns Major Cryptocurrencies May Be Securities Donnie Harinsut, co-founder of decentralized network for financial services OmiseGO, which sold $25 million of its OMG token in an initial coin offering last year, echoed Lubin’s statements.
OMG “is not a cryptocurrency, it’s a token made to run on a network,’’ Harinsut said, noting that they’re a Bangkok-based company and Thailand officials have encouraged cryptocurrency projects. Still, Harinsut added OMG tokens may be affected by regulation elsewhere, “it’s a global network and they can be distributed everywhere.’’ Ethereum creator Vitalik Buterin said at a panel that he sees, “no fundamental roadblocks” for sharding to be implemented. Read more from bloomberg.com…
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