As an analyst with a decade of experience in the cryptocurrency industry and a keen interest in the political landscape, I find Joe Lubin’s optimism about Ethereum’s future under a Trump administration intriguing. Having closely followed Consensys’ battles with the SEC, I can understand his relief at the prospect of a change in leadership that could potentially ease tensions.
According to ConsenSys CEO Joe Lubin, Ethereum stands to gain significantly more than any other protocol following Donald Trump’s election win.
At Devcon 2024 in Thailand, Lubin shared that we’ve been inhabiting a world powered by gas, graciously supplied by the SEC for quite some time, according to his statement to CryptoMoon.
He also mentioned, “It appears quite evident that it was likely influenced by the more liberal faction within the Democratic Party.
ConsenSys, in a continuous dispute with the U.S. Securities and Exchange Commission (SEC), reduced its workforce by 20% in October, suggesting that the SEC’s actions amounted to an overreach or misuse of authority.
Following Trump’s recent election win, Lubin has a more optimistic outlook, especially for Ethereum, and anticipates potential changes in the leadership of the Securities and Exchange Commission (SEC).
“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.”
Since Donald Trump’s victory on November 5th, Bitcoin (BTC) has experienced a 16% increase. In comparison, Solana (SOL) and BNB (BNB) have climbed by 8% and 3%, respectively. However, Ether (ETH) has seen a more significant rise of 23% over the past week, currently trading at $3,200 as reported by CoinMarketCap.
Lubin stated that Ethereum appears set to gain more advantage compared to other protocols due to a recent favorable rebound. This is largely because Ethereum is significantly larger and more advanced than most other ecosystems, with the exception of Bitcoin which, while mature, has a narrower focus.
The data from the opposite side indicates that U.S. exchange-traded funds (ETFs) based on Spot Ethereum have experienced a surge in investment since Trump took office, reaching a peak of $295 million in inflows on November 11. However, Bitcoin ETFs have garnered significantly more investments compared to their Ethereum counterparts.
Joe Lubin hopes for an easy SEC transition
On January 20th, it’s confirmed that Donald Trump will resume his presidency in the White House, and legal analysts like Lubin predict that Securities and Exchange Commission (SEC) Chairman Gary Gensler might tender his resignation on the very same day.
Lubin expressed his expectation that Mark Uyeda, who is currently serving as a Commissioner at the SEC, might assume the role of the acting commissioner.
Lubin expressed that it would be preferable if they avoid overwhelming many individuals and businesses as they depart. He also suggested that they should conduct themselves with poise during their departure or transition.
In October, Consensys penned an open appeal to the upcoming U.S. president, advocating for straightforward and encouraging guidelines on cryptocurrencies and Web3 technologies.
On October 23rd, a letter was released stating that unpredictability in regulations is impeding the advancement of blockchain technology.
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2024-11-13 09:34