Donald Trump’s return to the White House has reignited hope within the cryptocurrency sector, as industry leaders speculate that the ongoing legal battles with the U.S. Securities and Exchange Commission (SEC) could see a dramatic shift. Joe Lubin, CEO of blockchain company Consensys, believes Trump’s presidency might bring relief for crypto firms, saying, “I have a feeling that our industry is going to save hundreds of millions of dollars going forward.” Lubin made these remarks during DevCon 2024 in Thailand, as reported by Cointelegraph.
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SEC Cases May Be Dismissed
Lubin speculated that the Trump administration could find ways to resolve or dismiss the SEC’s cases against crypto entities, avoiding further damage to the industry. Highlighting Trump’s promise to “fire” SEC Chair Gary Gensler, a known critic of the crypto space, Lubin noted, “Trump is a pretty good politician. He picks up on the zeitgeist and runs with it.” This move could lead to the appointment of crypto-friendly officials, signaling a potentially softer regulatory approach.
Ongoing Legal Battles Showcase Industry Struggles
The SEC has long been at odds with major players like Binance and Coinbase, alongside its extended battle with Ripple. Lubin also referenced Consensys’ lawsuit against the SEC, filed earlier this year, accusing the regulator of trying to classify Ethereum as a security. Although the case was dismissed in September, the SEC has since targeted Consensys for allegedly operating as an unregistered broker via MetaMask Swaps.
Mixed Reactions Among Industry Leaders
While Lubin expressed optimism, others remain critical of the SEC’s impact. Coinbase CEO Brian Armstrong has publicly called for the next SEC chair to apologize for harming the crypto industry. With Trump’s team “moving aggressively” to implement his pro-crypto agenda, as Lubin claims, the industry is watching closely for signs of change.
XRP Soars Amid Lawsuits Against SEC
In a related development, XRP (XRP-USD) surged by 17% in 24 hours, hitting its highest price since June 2023, according to CoinDesk. This comes after 18 U.S. states filed lawsuits against the SEC, accusing the regulator of unconstitutional overreach. Analysts suggest that a more crypto-friendly environment under Trump’s administration could benefit tokens like XRP, especially those tied to U.S.-based firms like Ripple Labs.
