Regulation
ETF approval changes everything, says Ethereum co-founder Joe Lubin
Few weeks in crypto’s short history have seen as much progress as this. In Washington, D.C., a sudden convergence of bipartisan support lined up behind a crypto regulation bill Wednesday, followed the next day by the astonishing eleventh hour approval of Ethereum spot ETFs by the United States Securities and Exchange Commission (SEC).
For Joe Lubin, co-founder of Ethereum and CEO of Consensys, the two events, particularly the SEC’s about-face on Ethereum, represent a seismic shift in the way crypto is treated in America and will go from strength to strength. ‘Before.
“I think it’s a game changer,” the entrepreneur said. Decrypt in an exclusive interview.
Consensys, the 7 billion dollars The Ethereum software company founded by Lubin is currently trapped in several legal battles with the SEC on the legal status of crypto. (Disclosure: Consensys is one of 22 investors in Decrypt.) But Lubin believes this week’s events may have proven that crypto has ascended to a higher status within the US power apparatus, upending the calculus of such battles.
“I think this is now an extremely important political issue,” he said. “And that takes precedence.”
“If you want to get elected, you’re probably going to have to have the ecosystem of decentralized blockchain protocols on your side,” Lubin continued. “Or at least you don’t want them to hate you.”
According to Lubin, the SEC’s decision to approve spot ETH ETFs was undeniably a last-minute political decision, potentially triggered by a request – or demand – from the White House itself.
This political pressure, several crypto lobbyists in Washington have already declared Decryptprobably arises from a series of election-related developments last week.
SEC leaders likely don’t feel any different about crypto than they did a week ago — the agency’s silence has been deafening — but political pressures may now have put a damper on its crusade Aggressive and ongoing legal action against major US crypto companies like Consensys.
Lubin does not let his guard down, however.
“We must remain vigilant,” he said. “We cannot assume that we will not be attacked again. »
Edited by Ryan Ozawa.