Ethereum is set to ‘benefit’ a lot from Trump’s victory: Consensys CEO
Ethereum is poised to benefit from Donald Trump's presidential election victory, Consensus CEO Joe Lubin said.
“We've lived in an oil-fueled world for too long, fueled by the SEC's generosity,” Lubin told Cointelegraph at DevCon 2024 in Thailand. He added, “We believe it is clear that it is being led by the progressive side of the Democratic Party.”
Joe Lubin sits down with Cointelegraph's Andrew Fenton. Source: Cointelegraph
The embattled deal with the U.S. Securities and Exchange Commission laid the blame squarely on the SEC's “abuse of power” for cutting 20% of its workforce in October.
Since Trump's victory last week, Lubin sees things looking up, especially for Ethereum in the wake of the recent change in SEC leadership.
“America has had its boot on Ethereum's neck for a long time, especially Ethereum, and that has led to a lot of FUD.”
Since Trump's victory on November 5, Bitcoin (BTC) is up 16%, while Solana (SOL) and BNB (BNB) are up 8% and 3%, respectively. On the other hand, Ether (ETH) has increased by 23% in the last seven days and was trading at about $3,200, according to CoinMarketCap.
“We have already seen a more favorable return for Ether […] “Ethereum is therefore poised to take advantage of other protocols, especially since it is much larger and more mature than any other ecosystem except Bitcoin, which is mature, but narrow in its outlook,” Lubin said.
Farside data shows that US spot Ethereum ETFs have seen a flood of investment since Trump's election. Hitting a $295 million inflow on November 11, Bitcoin ETFs fared much better in comparison.
Joe Lubin hopes for an easy SEC transition
Trump is due to return to the White House on January 20, and Lubin and others have said SEC Chairman Gary Gensler will tender his resignation on the same day.
Lubin said he hopes to see current SEC commissioner Mark Uyeda as acting chairman.
Related: Consensys urges clear crypto rules in letter to future US president
“Hopefully, they don't try to crowd out more people and companies before they get out. Hopefully, they'll be graceful on their way out or transition,” Lubin said.
Ahead of the Nov. 5 election, Consensus has issued an open letter to whoever will be the next US president calling for clear and supportive regulations for crypto and Web3.
Published on October 23, the letter said regulatory uncertainty is hindering the development of blockchain technology.
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