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The crypto sector has made significant progress in a short time. In Washington D.C., on May 22, bipartisan support for a crypto regulation bill emerged suddenly, followed by the striking approval of spot Ethereum ETF funds by the U.S. Securities and Exchange Commission (SEC) the next day.
Ethereum and the ETF Space
According to Ethereum co-founder and Consensys CEO Joe Lubin, both events represent a seismic shift in how cryptocurrency, especially Ethereum, is handled in America and will continue to progress. The entrepreneur explained in an exclusive interview that he believes this will change the game.
Lubin‘s $7 billion Ethereum software company Consensys is currently embroiled in numerous legal battles with the SEC over the legal status of crypto. However, Lubin believes this week’s events may have proven that cryptocurrency is rising to a higher status within the American market, disrupting calculations for such battles. Lubin shared the following statements:
“I guess this is now an extremely important political issue, and it is being overridden. If you want to get elected, you’ll probably need the decentralized protocol ecosystem of blockchain on your side. Or at least, you don’t want them to hate you.”
Notable Statements from a Prominent Figure
According to Lubin, the SEC’s decision to approve spot Ethereum ETF funds was an undeniable last-minute political decision, potentially prompted by a request or demand from the White House itself. As many crypto lobbyists in Washington had previously mentioned, this political pressure likely stemmed from a series of developments related to last week’s election.
The SEC leadership probably does not think differently about crypto than it did a week ago, but political pressures may have thrown a wrench into its aggressive, ongoing legal battle against leading American crypto companies like Consensys. However, Lubin is not letting his guard down yet:
“We need to be careful. We cannot assume we won’t be attacked again.”
