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Following Donald Trumpâs recent election victory, ConsenSys CEO Joe Lubin expressed optimism for Ethereum future, suggesting that the protocol may see benefits from potential regulatory shifts.
Speaking at Devcon 2024 in Thailand, Lubin highlighted the challenges Ethereum has faced from U.S. regulatory bodies, particularly under the SECâs leadership. âWeâve been living in a gas-lit world for a long time, generously gas-lit by the SEC,â Lubin said, underscoring how political dynamics have impacted the crypto space.
In recent months, ConsenSys had to reduce its workforce by 20%, which Lubin partially attributed to the âabuse of powerâ by the SEC.
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Etherâs Market Rebound
Lubin noted Ethereumâs significant market rebound post-election, with Etherâs price rising 23% over the past week to reach $3,200, according to CoinMarketCap data. He attributes this surge to growing investor confidence in Ethereumâs future, as well as hopes that Trumpâs presidency could bring regulatory relief.
âEthereum is poised to benefit more than other protocols, particularly because of its size and maturity,â Lubin commented, adding that Bitcoin, while established, lacks cryptoâs broad ecosystem capabilities. Data from Farside shows Ether ETFs saw record inflows of $295 million on November 11, hinting that investors may also be betting on a regulatory reprieve for Ether.
Investors Pour Funds Into Ethereum ETFs
Since Trumpâs election, a renewed interest in Ethereum-focused financial products has taken shape, with Farside data recording a massive inflow into spot Ethereum ETFs. While Bitcoin ETFs have led the way, Ether funds are starting to attract significant capital. This influx indicates that many investors are anticipating an easing of SEC scrutiny under new leadership.
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Lubin is hopeful that Trumpâs administration will bring a more favorable approach to crypto regulations, noting that ConsenSys and other blockchain firms have long urged for regulatory clarity. An open letter from ConsenSys published in October appealed to the next U.S. administration for straightforward and supportive regulations, stating that existing policies have created uncertainty and deterred technological innovation.
Possible SEC Transition on the Horizon
Lubin speculates that current SEC Chair Gary Gensler may step down on Trumpâs inauguration day, January 20. He hopes Mark Uyeda, a current SEC commissioner, might take over temporarily, possibly leading to a more accommodating stance toward Ethereum and other decentralized technologies.
Reflecting on the coming months, Lubin expressed his desire for a smooth transition at the SEC, stating, âHopefully, they wonât try to jam up a lot of people and companies before they exit.â
