Author: Felix Ng, CoinTelegraph; Translated by: Baishui, Golden Finance
Ethereum is “positioned to benefit from Donald Trump’s presidential election victory more than any other protocol,” said Joe Lubin, CEO of Consensys.
“We have lived in a world of temptation for a long time, and the SEC has generously provided us with temptation,” Rubin noted at Devcon 2024 in Thailand. “We think it’s clear that this is being driven by the progressive wing of the Democratic Party,” he added.
Joe Lubin speaks to Cointelegraph’s Andrew Fenton. Source: Cointelegraph
Consensys, which has been battling the SEC, laid off 20% of its staff in October and blamed part of the blame on the SEC’s “abuse of power.”
Since Trump’s victory last week, Lubin believes things are looking up, especially for Ethereum given the eventual change in leadership at the SEC.
“The U.S. has been suppressing Ethereum, especially Ethereum, for a long time, which has caused a lot of panic.”
Since Trump’s victory on Nov. 5, Bitcoin has surged 16%, while Solana and BNB have risen 8% and 3%, respectively. Ethereum, on the other hand, has risen 23% over the past seven days and is trading around $3,200, according to CoinMarketCap.
“We’ve seen a more favorable rally for Ethereum [...] So I think Ethereum will benefit more than other protocols, especially because it’s so much larger and more mature than all the other ecosystems outside of Bitcoin, which is mature but narrow in scope,” Lubin said.
Farside data shows that since Trump's election, the US spot Ethereum ETF has ushered in a large amount of investment, with inflows reaching a record high of US$295 million on November 11. However, in comparison, the performance of the Bitcoin ETF has been much better.
Joe Rubin hopes for smooth SEC transition
Trump is scheduled to return to the White House on Jan. 20, and Rubin and others said SEC Chairman Gary Gensler will submit his resignation on the same day.
Rubin said he would like to see current SEC Commissioner Mark Uyeda serve as acting chairman.
"Hopefully they don't try to stonewall a lot of people and companies before they exit. Hopefully they can exit or transition gracefully," Rubin said.
Ahead of the November 5 election, Consensys has published an open letter to the next U.S. president, calling for clear and supportive regulations for cryptocurrencies and Web3.
The letter, published on Oct. 23, said regulatory uncertainty is hindering the development of blockchain technology.
