David Edwards
Ethereum is uniquely positioned to benefit from Donald Trump’s recent election victory, according to Consensys CEO Joe Lubin, who pointed to an anticipated easing of regulatory pressures under new SEC leadership. Speaking with Cointelegraph at Devcon 2024 in Thailand, Lubin asserted that the SEC, “driven by the progressive side of the Democratic Party,” had long restricted Ethereum’s growth.
Consensys, the Ethereum-focused blockchain company, reduced its workforce by 20% in October, attributing part of the cuts to the SEC’s “abuse of power.” With Trump’s recent win, Lubin sees a brighter outlook for Ethereum, especially amid speculations of an SEC leadership change.
“America has had its boot on the neck of Ethereum for a pretty long time,” Lubin said, noting that this climate generated significant “FUD” (fear, uncertainty, and doubt) around Ethereum. In the week since Trump’s victory, Ethereum’s native token, Ether (ETH), has surged 23%, trading around $3,200 on CoinMarketCap. By contrast, Bitcoin and other prominent cryptocurrencies have seen comparatively modest gains.
Lubin emphasized Ethereum’s maturity and adaptability, describing it as “poised to benefit more than other protocols.” Recent data from Farside Analytics reveals that U.S. spot Ethereum ETFs recorded unprecedented inflows of $295 million on November 11, although Bitcoin ETFs attracted even higher investments.
With Trump set to assume office on January 20, insiders speculate that SEC Chair Gary Gensler will step down, possibly ushering in Commissioner Mark Uyeda as interim chair. Lubin expressed hope for a smooth transition, urging the SEC to avoid last-minute enforcement actions against crypto companies.
In an open letter published before the election, Consensys called for clear and supportive crypto regulations, stressing that regulatory uncertainty impedes blockchain innovation.
