Originally published on: November 13, 2024
Following Donald Trump’s presidential election victory, Consensys CEO Joe Lubin believes that Ethereum is positioned to benefit the most among all protocols. Lubin expressed his optimism during an interview with Cointelegraph at Devcon 2024 in Thailand, stating that the regulatory landscape under Trump’s administration could be more favorable for Ethereum.
Consensys, a company that has been in a legal battle with the US Securities and Exchange Commission (SEC), recently downsized its workforce due in part to what they deem as the SEC’s overreaching authority. However, Lubin sees a silver lining in Trump’s win, anticipating a shift in SEC leadership that could benefit Ethereum.
Since Trump’s victory, Bitcoin has surged by 16%, while Solana and BNB have seen increases of 8% and 3% respectively. In contrast, Ethereum has experienced a significant price jump of 23% in the last week, trading at around $3,200 according to CoinMarketCap.
Lubin believes that Ethereum’s ecosystem, being more mature and expansive than other protocols, is well-positioned to thrive under the new administration. Recent data shows that Ethereum ETFs in the US have seen a significant influx of investments post-Trump’s election, reaching a record $295 million in inflows on Nov. 11.
As Trump is set to return to the White House on Jan. 20, Lubin speculates that SEC Chair Gary Gensler will step down on the same day, paving the way for a new leadership direction. Lubin hopes to see Mark Uyeda, a current SEC commissioner, take on the role of acting chair.
In light of these developments, Consensys remains hopeful for a smoother regulatory environment that fosters growth and innovation in the crypto and Web3 space. The company had previously issued an open letter to the future US president, advocating for clear and supportive regulations to propel blockchain technology forward.
With the crypto market poised for potential changes under Trump’s administration, the spotlight is on Ethereum as a frontrunner in the evolving landscape of digital assets.
