Author: Felix Ng, CoinTelegraph; Compiled by Bai Shui, Jinse Finance
ConsenSys CEO Joe Lubin said that Ethereum "is expected to benefit from Donald Trump's victory in the presidential election" compared to any other protocol.
Lubin pointed out at Devcon 2024 in Thailand: "We have long lived in a world full of temptations, and the U.S. Securities and Exchange Commission (SEC) has generously provided us with temptations." "We believe this is driven by the progressives of the Democratic Party," he added.
Joe Lubin in conversation with Cointelegraph's Andrew Fenton. Source: Cointelegraph
ConsenSys, which has been struggling with the SEC, laid off 20% of its staff in October and attributed part of the responsibility to the SEC's "abuse of power".
Since Trump's victory last week, Lubin believes the situation is improving, especially considering that the leadership of the SEC will ultimately change, particularly for Ethereum.
"The U.S. has long suppressed Ethereum, especially Ethereum, which has caused a lot of panic."
Since Trump's victory on November 5, Bitcoin has soared 16%, while Solana and BNB have risen 8% and 3% respectively. On the other hand, according to CoinMarketCap data, Ethereum has risen 23% in the past seven days, trading at around $3,200.
"We have seen a more favorable rebound for Ethereum [...] so I think Ethereum will benefit more than other protocols, especially since it is much larger and more mature than all other ecosystems outside of Bitcoin, which is mature but narrow in scope," Lubin said.
Farside data shows that since Trump's election, the U.S. spot Ethereum ETF has seen a surge of investment, with a record $295 million inflow on November 11, although Bitcoin ETFs have performed much better in comparison.
Joe Lubin hopes for a smooth SEC transition
With Trump set to return to the White House on January 20, Lubin and others say SEC Chairman Gary Gensler will resign on the same day.
Lubin said he hopes to see current SEC Commissioner Mark Uyeda serve as acting chairman.
"Hopefully they won't try to obstruct a lot of people and companies before they leave. Hopefully they can exit or transition gracefully," Lubin said.
Prior to the November 5 election, ConsenSys issued an open letter to the next U.S. president calling for clear and supportive regulations for cryptocurrencies and Web3.
The letter was released on October 23 and stated that regulatory uncertainty is hindering the development of blockchain technology.
