Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
Mr. Huber, a well-known crypto figure, has raised thought provoking questions surrounding the Securities and Exchange Commission’s (SEC) stance on digital tokens. His recent tweet questions the apparent favoritism shown by the SEC towards Bitcoin and Ethereum, the two leading cryptocurrencies, while subjecting others to stringent security classifications.
What I find very exciting: How do Bitcoin Maxis actually explain the Hinman speech, the policy on Ethereum under Clayton, and that the ICO and Ethereum are the only SEC-backed digital currencies besides Bitcoin to this day? I mean I hear a lot about it being "centralized", but…
Huber challenges Bitcoin maximalists to explain the SEC’s treatment of Ethereum following its initial coin offering (ICO). His curiosity stems from the SEC’s declaration two years post-Ethereum’s ICO that it was “sufficiently decentralized,” while many other tokens continue to face scrutiny.
Huber kicked off his criticism by challenging Gensler’s sweeping categorization of most tokens as securities. He pointed out that Gensler’s approach failed to consider the complexities and nuances of token offerings. Huber argues that this blanket classification not only oversimplifies matters but could potentially hinder the growth and diversity of the crypto industry.
The crypto guru further amplified his stance by citing the frustrations of SEC commissioners such as Heister Peirce, who has publicly expressed her dissatisfaction with the SEC’s tendency to label tokens as securities.
Adding more fuel to the fire, Huber launched a direct attack on Ethereum co-founder Vitalik Buterin and former executive Joseph Lubin in a separate tweet. He accused the duo, in conjunction with banking giant JPMorgan, of bribing the SEC to secure a monopoly for Ethereum. He further insinuated that they were now trying to accuse others of doing the same, hinting at potential hypocrisy.
Huber also addressed Bitcoin maximalists, questioning their explanations regarding Ethereum’s “sufficiently decentralized” status as determined by the SEC. He highlighted how Ethereum was only declared as such two years after its Initial Coin Offering (ICO), despite persistent arguments about it being centralized.