The ConsenSys CEO Joe Lubin believes recent events indicate that politics is now guiding crypto regulation, which is good news for the industry.
Few weeks in crypto history have seen as much progress as this one. In Washington, D.C., a sudden surge of bipartisan support for a crypto regulation bill emerged on Wednesday. This was followed the next day by the surprising last-minute approval of spot Ethereum ETFs by the U.S. Securities and Exchange Commission (SEC).
To Ethereum co-founder and ConsenSys CEO Joe Lubin, these events—especially the SEC’s reversal on Ethereum—signify a monumental shift in how crypto is treated in America and how it will be moving forward.
“I think this is a game changer,” Joe Lubin told Decrypt in an exclusive interview.
ConsenSys, a $7 billion Ethereum software company founded by Joe Lubin, is currently engaged in several legal battles with the SEC regarding the legal status of cryptocurrency. (Disclosure: ConsenSys is one of 22 investors in Decrypt.)
However, Joe Lubin believes this week’s events may have demonstrated that crypto has now achieved a higher status within the American power structure, altering the dynamics of these legal battles.
“My guess is that this is now an extremely important political issue,” he said. “And that overrides everything else.”
“If you want to get elected, you’ll likely need the support of the blockchain decentralized protocol ecosystem,” Joe Lubin continued. “At the very least, you don’t want them to oppose you.”
According to Lubin, the SEC’s decision to approve spot ETH ETFs was clearly a last-minute political move, possibly influenced by a request—or demand—from the White House.
Several crypto lobbyists in Washington previously told Decrypt that political pressure likely stemmed from a series of election-related developments last week.
The SEC leadership probably hasn’t changed its stance on crypto in the past week—the agency’s silence has been notable—but political pressures may have now disrupted its aggressive legal actions against major American crypto firms like ConsenSys.
Despite this progress, Joe Lubin remains cautious.
“We have to stay vigilant,” he said. “We can’t assume that we’re not going to be attacked again.”
