Ethereum is “poised to benefit” more from Donald Trump’s victory than any other protocol, says Consensys CEO Joe Lubin.
“We’ve been living in a gas-lit world for a long time, generously gas-lit by the SEC,” Lubin told Cointelegraph at Devcon 2024 in Thailand.
“We believe it seems pretty clear that it was driven by the progressive side of the Democratic Party,” he added.
Joe Lubin sits down with Cointelegraph’s Andrew Fenton. Source: Cointelegraph
Consensys has been battling the United States Securities and Exchange Commission, and the company cut 20% of its total workforce in October, throwing partial blame at the SEC’s “abuse of power.”
But after Trump’s victory last week, Lubin now sees things looking up, particularly for Ethereum, along with an eventual change in SEC leadership.
“America has had its boot on the neck of Ethereum for a pretty long time, specifically Ethereum, and that’s caused a bunch of FUD.”
Bitcoin (BTC) has surged 16% since Trump’s win on Nov. 5, while Solana (SOL) and BNB (BNB) are up 8% and 3%, respectively. Ether (ETH), on the other hand, has risen 23% in the last seven days and is currently trading at $3,200, according to CoinMarketCap.
“We’ve already seen a rebound that has been more favorable to Ether [...] So Ethereum is poised to benefit more than, I think, other protocols, especially since it’s just a lot bigger and more mature than all the other ecosystems other than Bitcoin, which is mature but narrow in its purview,” explained Lubin.
Farside data shows that US spot Ethereum ETFs have seen a flood of investment since Trump was elected, hitting a record $295 million of inflows on Nov. 11, though Bitcoin ETFs have still fared far greater in comparison.
Joe Lubin hopes for an easy SEC transition
Trump is officially set to return to the White House on Jan. 20, and Lubin and others believe SEC Chair Gary Gensler will submit his resignation the same day.
Lubin said he hopes to see Mark Uyeda, a current Commissioner of the SEC, become acting commissioner.
“Hopefully, they won’t try to jam up a lot of people and companies before they exit. Hopefully, they’ll be graceful in their exit or the transition,” said Lubin.
In October, Consensys issued an open letter addressed to whoever would be the future US president requesting clear and supportive regulations for cryptocurrencies and Web3.
Published on Oct. 23, the letter argued that regulatory uncertainty is hindering blockchain technology development.
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