ConsenSys CEO Joe Lubin believes that the legal battles between cryptocurrency companies and the U.S. Securities and Exchange Commission (SEC) may decrease under the Donald Trump administration.
"I predict that there is a possibility that lawsuits will be quietly resolved or dismissed. Not all lawsuits or all elements of each lawsuit may be resolved, but I believe the crypto industry will save hundreds of millions of dollars in the future."
Lubin's comments came after Donald Trump's victory in the November 5 presidential election, a victory that the crypto industry has warmly welcomed due to his strong commitments to support cryptocurrencies throughout his campaign. One of Trump's notable promises is to "fire" SEC Chairman Gary Gensler on his first day if he is re-elected. Additionally, the growing optimism in the crypto community that Trump will choose individuals who support the industry to fill his cabinet has raised hopes for a more friendly policy towards cryptocurrencies in the future.
"I think Trump's transition team has been very effective. Trump is a very talented politician. While everyone's views may differ, it cannot be denied that he always has the ability to grasp the spirit of the times and adjust his strategy accordingly," Lubin shared further.
Donald Trump's victory is considered a turning point for the crypto industry, especially in the U.S., where the SEC is currently facing ongoing legal battles with major crypto exchanges such as Binance and Coinbase, as well as lawsuits related to Ripple since December 2020.
Lubin also mentioned that ConsenSys has filed a lawsuit against the SEC and five of its commissioners in April, accusing the SEC of intending to manage ETH as a security, a move that could have far-reaching impacts on the crypto market.
"Our lawsuit has ignited a fire, and this fire has since been extinguished by the law," Lubin said. In the lawsuit, ConsenSys accused the SEC of launching a campaign to "control the future of cryptocurrencies" through enforcement measures aimed at managing Ether as a security.
Lubin explained that the SEC is trying to argue that Ethereum 2.0 is a different asset from "old" Ether:
"They are trying to build an argument that Ether in Ethereum 2.0 is a different asset, separate from the old Ether, even though Bill Hinman has made completely different statements. However, they don't care about that. Their goal is to treat the new Ether as a security."
On September 19, a federal judge in Texas dismissed ConsenSys' lawsuit against the SEC and its five commissioners.
A separate lawsuit that the SEC filed against ConsenSys shortly after the company filed its initial complaint is still ongoing. The SEC alleges that ConsenSys has operated as an unregistered broker-dealer and engaged in unregistered securities offerings and sales through MetaMask Swaps.
Recently, Coinbase CEO Brian Armstrong stated that the next SEC Chair should apologize to the American people for the harm the agency has caused the crypto industry.
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According to Cointelegraph
