Consensys CEO Joe Lubin stated that Donald Trump's victory in the presidential election is particularly beneficial for Ethereum, as Ethereum has been under the regulation of the U.S. Securities and Exchange Commission (SEC).

Written by: Felix Ng, CoinTelegraph

Translated by: Bai Shui, Jinse Finance

Consensys CEO Joe Lubin mentioned that compared to any other protocol, Ethereum "is poised to benefit from Donald Trump's presidential election victory."

Lubin pointed out at Devcon 2024 in Thailand: "We have long lived in a world full of temptations, and the SEC has generously provided us with those temptations." "We believe it is clear that this is driven by the progressive wing of the Democratic Party," he added.

Joe Lubin spoke with Cointelegraph's Andrew Fenton. Source: Cointelegraph

Consensys, which has been battling the SEC, laid off 20% of its staff in October, attributing part of the blame to the SEC's "abuse of power."

Since Trump's victory last week, Lubin believes the situation is improving, especially considering that there will ultimately be a change in the leadership of the SEC, particularly regarding 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 surged 16%, while Solana and BNB have risen 8% and 3%, respectively. On the other hand, according to CoinMarketCap data, Ethereum has increased by 23% in the past seven days, trading at around $3,200.

"We have seen a rebound that is more favorable for Ethereum […] Therefore, I believe Ethereum will benefit more than other protocols, especially because it is much larger and more mature than all other ecosystems outside of Bitcoin, which, while mature, is much narrower in scope," Lubin said.

Farside data shows that since Trump's election, the U.S. spot Ethereum ETF has seen a massive influx of investment, with inflows reaching a record $295 million on November 11, although the performance of Bitcoin ETFs has been much better in comparison.

Joe Lubin hopes for a smooth transition at the SEC

Trump is set to return to the White House on January 20, and Lubin and others have stated that SEC Chairman Gary Gensler will submit his resignation on the same day.

Lubin expressed his hope to see current SEC Commissioner Mark Uyeda serve as acting chairman.

"Hopefully, they won't try to obstruct many people and companies before they leave. I hope they can exit or transition gracefully," Lubin said.

Before the November 5 election, Consensys sent an open letter to the next U.S. president, calling for clear and supportive regulations for cryptocurrency and Web3.

The letter, published on October 23, stated that regulatory uncertainty hinders the development of blockchain technology.

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