Originally published on: November 13, 2024
According to Consensys CEO Joe Lubin, Ethereum is poised to benefit the most from Donald Trump’s presidential win. Lubin expressed his optimism during Devcon 2024 in Thailand, stating that Ethereum has been in a gas-lit world created by the SEC and will likely see positive changes under the new administration.
Consensys recently downsized its workforce due in part to what they believe is the SEC’s abuse of power. However, Lubin believes that with a change in SEC leadership following Trump’s victory, Ethereum will flourish. In comparison to other protocols, Ethereum has shown significant growth with a 23% increase in the last week, reaching approximately $3,200 per coin.
Data reveals that US spot Ethereum ETFs have seen substantial investments since Trump’s election, hitting a record $295 million in inflows on Nov. 11. Lubin hopes for a smooth transition within the SEC, with Mark Uyeda potentially becoming acting chair following Gary Gensler’s resignation on Jan. 20.
Consensys had previously addressed the need for clear crypto regulations in an open letter to the future US president, emphasizing the importance of regulatory clarity for blockchain technology development.
In a rapidly evolving crypto landscape, Ethereum’s potential for growth under the new administration is becoming increasingly clear. Stay updated on the latest crypto business trends with our Crypto Biz newsletter, delivering valuable insights every Thursday. Subscribe now to seize financial opportunities in the blockchain industry.
