Ethereum set to gain 23% after Trump victory

Ethereum (CRYPTO:ETH) is set to gain the most from Donald Trump’s presidential election victory, according to Consensys CEO Joe Lubin.

“We’ve been living in a gas-lit world for a long time, generously gas-lit by the SEC,” Lubin stated at Devcon 2024 in Thailand. 

“We believe it seems pretty clear that it was driven by the progressive side of the Democratic Party,” he added.

Consensys, which has been in conflict with the United States Securities and Exchange Commission (SEC), reduced its workforce by 20% in October, citing the SEC’s “abuse of power” as a contributing factor.

Following Trump’s win on November 5, Lubin anticipates a positive outlook for Ethereum, especially with potential changes in SEC leadership. He stated, “America has had its boot on the neck of Ethereum for a pretty long time, specifically Ethereum, and that’s caused a bunch of FUD.”

Since the election, Bitcoin (CRYPTO:BTC) has surged 16%, while Solana (CRYPTO:SOL) and BNB (CRYPTO:BNB) have increased by 8% and 3%, respectively.

Ethereum has risen 23% in the past seven days, currently trading at approximately $3,200, according to CoinMarketCap.

“We’ve already seen a rebound that has been more favorable to Ether [...] So Ethereum is poised to benefit more than, I think, other protocols, especially since it’s just a lot bigger and more mature than all the other ecosystems other than Bitcoin, which is mature but narrow in its purview,” Lubin explained.

Data from Farside indicates that US spot Ethereum ETFs have attracted significant investment since Trump’s election, with inflows reaching a record $295 million on November 11.

However, Bitcoin ETFs have seen higher investment levels in comparison.

Trump is scheduled to take office on January 20, and Lubin expects SEC Chair Gary Gensler to resign on the same day.

He expressed hope that Mark Uyeda, a current SEC commissioner, will become acting chair.

“Hopefully, they won’t try to jam up a lot of people and companies before they exit. Hopefully, they’ll be graceful in their exit or the transition,” Lubin said.

Prior to the election, Consensys issued an open letter to the incoming US president, advocating for clear and supportive regulations for cryptocurrency and Web3 technologies.

The letter highlighted that regulatory uncertainty was hindering the development of blockchain technology.

At the time of reporting, the Ethereum price was $3,146.73.