Consensys founder Joe Lubin said U.S. regulators “were asleep at the wheel” while speaking at the Ethereum Community Conference in Brussels on Wednesday, adding that certain Senators and a banking lobby were able to “opportunistically” come in and guide SEC policy on crypto. 

“They worked with Chair Gensler to say, 'Hey, let’s use these nearly 100-year-old laws and expand your jurisdiction and just control this new technology so that we can essentially fold it into the current infrastructure’ and big banks and big finance can continue to operate and maybe create a dumbed-down version of decentralization,” Lubin said.

Lubin also said that he and others had been forced to deal with unclear legislation. 

“For years, we’ve been used to operating under a dark cloud of regulatory …