Originally published on: November 15, 2024
Consensys CEO Joe Lubin has made a bold prediction that the ongoing legal battles between crypto firms and the US Securities and Exchange Commission (SEC) will likely be resolved under President Donald Trump’s leadership. Lubin expressed his optimism during an interview with Cointelegraph at DevCon 2024 in Thailand, suggesting that the cases may be “dismissed or settled.”
Lubin’s comments come in the wake of Trump’s re-election as the 47th president of the United States, a development that has been welcomed by the crypto industry. Trump has made several pro-crypto promises during his election campaign, including plans to replace SEC Chair Gary Gensler, a vocal critic of cryptocurrencies, on his first day in office.
The Consensys CEO highlighted the potential cost savings for the industry if the cases are resolved favorably, suggesting that “our industry is going to save hundreds of millions of dollars going forward.” He also noted that the Trump transition team is already taking steps to address these issues, signaling a favorable outlook for crypto under the new administration.
The SEC has been engaged in legal battles with major crypto exchanges such as Binance and Coinbase, as well as ongoing disputes with Ripple since December 2020. Consensys itself filed a lawsuit against the SEC earlier in April, alleging that the regulator planned to treat Ethereum (ETH) as a security.
While a Texas federal judge dismissed Consensys’ initial lawsuit against the SEC, a separate case brought by the regulator against the company is still ongoing. The SEC has accused Consensys of operating as an unregistered broker and engaging in the unregistered sale of securities through MetaMask Swaps.
As the crypto industry awaits further developments, industry leaders like Lubin are optimistic about the potential for a positive outcome under Trump’s presidency. With the SEC crypto cases at the forefront of regulatory challenges, the resolution of these legal disputes could have a significant impact on the future of cryptocurrencies in the US.
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