ConsenSys founder: The US SEC arbitrarily classified Ethereum as a security without legal authorization

Joseph Lubin, co-founder of Ethereum and founder and CEO of ConsenSys, wrote an article titled "Ethereum and Blockchain Technology Threatened by Washington Regulators," stating that the U.S. Securities and Exchange Commission (SEC) is arbitrarily reclassifying Ethereum from a commodity to a security without legal authorization in order to enforce 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 ConsenSys' entire business model is based on this clear and prior regulatory consensus. The SEC's regulatory upgrade violates the basic principle of separation of powers, under which Congress is responsible for legislation and allocation of jurisdiction over blockchains such as Ethereum. More broadly, if the SEC wins, it will mean the end of the Ethereum blockchain in the United States, as it will make Ethereum's functionality inaccessible and unusable.