As an analyst with over two decades of experience in the financial industry, I find it intriguing to observe the dynamic between the crypto sector and regulatory bodies. In this particular case, I believe that the re-election of Donald Trump as the 47th President of the United States could indeed pave the way for a more favorable environment for cryptocurrencies.
According to ConsenSys CEO Joe Lubin, it’s possible that the persistent lawsuits between cryptocurrency companies and the U.S. securities regulator may diminish if Donald Trump is re-elected as the 47th president of the United States.
In essence, it seems they find strategies that are non-embarrassing, either resulting in dismissed or settled court cases, or similar outcomes,” Lubin stated to CryptoMoon at DevCon 2024 held in Thailand.
He expressed his belief that while it might not apply to every single situation or detail within the industry, there’s a good chance that we will see significant savings in the range of hundreds of millions of dollars as we move forward.
Lubin’s remarks followed Trump’s victory in the presidential election on November 5th. The crypto sector enthusiastically endorsed Trump’s win, largely due to the pro-cryptocurrency pledges he made during his campaign.
One notable pledge was to dismiss the chairman of the Securities and Exchange Commission (SEC), Gary Gensler, who’s been critical of cryptocurrency, from his position on the first day. Furthermore, there is a growing sense of enthusiasm that Trump may appoint pro-cryptocurrency individuals to his cabinet in the near future.
Trump is ‘moving aggressively’
He stated that the Trump administration’s preparations are progressing swiftly. Regarding Trump, Lubin opined that he is an effective political figure. No matter what one might say about him, he has a knack for sensing public sentiment and capitalizing on it.
This victory marks a substantial advancement for the cryptocurrency sector, particularly within the United States, as the Securities and Exchange Commission (SEC) has been involved in prolonged legal disputes with significant crypto exchanges like Binance, Coinbase, and Ripple since December 2020.
In April, Lubin raised the issue of ConsenSys’ decision to sue the Securities and Exchange Commission (SEC) along with its five commissioners, alleging that the regulatory body intended to classify Ethereum (ETH) as a security.
Consensys lawsuit ‘lit a fire,’ Lubin says
He stated that our legal case sparked a significant development, which was subsequently taken up by the law itself. In the court filing, Consensys accused the SEC of orchestrating a strategic effort to assert control over the future of cryptocurrency by using enforcement actions to regulate Ether as a security.
Lubin said the SEC was attempting to argue that Ethereum 2.0 is different from the “old” Ether:
“I think what they were trying to do was say, Ether under Ethereum 2.0 is a different thing than Ether, and also that old Ether, fine, whatever Bill Hinman said, We don’t care. Call it a commodity, but this new Ether is obviously a security.”
On September 19th, a federal court judge in Texas ruled in favor of the Securities and Exchange Commission (SEC) and its five commissioners, dismissing Consensys’ legal action against them.
The Securities and Exchange Commission (SEC) case against ConsenSys, which was filed soon after the initial complaint, continues to be active.
As a researcher, I’ve come across accusations from the SEC stating that the company has been functioning as an unregistered broker, and has been involved in the unregistered offering and selling of securities via MetaMask Swaps.
Lately, Brian Armstrong, CEO of Coinbase, stated that the incoming Chair of the Securities and Exchange Commission (SEC) ought to express regret to American citizens for the harm the SEC has inflicted on the cryptocurrency sector.
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2024-11-15 04:55