Consensys CEO Joe Lubin believes the major crypto legal shifts between crypto companies and the U.S. Securities and Exchange Commission could end if Donald Trump is re-elected as the 47th president. He suggested that while not every case may be resolved, he is confident that the industry could save hundreds of millions of dollars.
Lubin’s comments came shortly after Trump’s victory in the presidential election. The crypto community widely celebrated his win, encouraged by his pro-crypto promises during the campaign. One key promise that stood out was his pledge to “fire” SEC Chair Gary Gensler, a vocal critic of crypto from day one.
Trump’s victory could reshape crypto laws
There’s also increasing hope that Trump will surround himself with cabinet members who support the crypto industry. “I think the Trump transition team is already moving aggressively,” he said. “Trump is a pretty good politician,” Lubin added, “Whatever you say about him, he picks up on the zeitgeist and runs with it.”
The lawsuit claimed the SEC intended to treat Ethereum as a security. The crypto industry, particularly in the US, has secured a significant win as the SEC has become involved in ongoing legal battles with major crypto exchanges like Binance and Coinbase. The SEC has also been actively pursuing a long-running case against Ripple that has dragged on since Dec. 2020.
Lubin discussed Consensys’ lawsuit against the SEC and its five commissioners, filed in April. However, a federal judge in Texas dismissed the case. Moreover, the SEC has filed a separate case against Consensys, which is still ongoing. The agency claims that the company has been acting as an unregistered broker and selling securities without proper registration through MetaMask Swaps.
In related news, Coinbase CEO Brian Armstrong recently stated that the next SEC chair should apologize to the American public for the harm the agency has caused to the crypto industry.
