Consensys CEO Predicts Dismissal or Settlement of SEC Crypto Cases Under Trump

Joe Lubin, CEO of Consensys, has expressed optimism that ongoing legal disputes between cryptocurrency firms and the U.S. Securities and Exchange Commission (SEC) may be resolved favorably under a Donald Trump administration.

Speaking at DevCon 2024 in Thailand, Lubin suggested that the SEC might find ways to dismiss or settle these cases, potentially saving the crypto industry “hundreds of millions of dollars.”

Lubin's comments follow Trump's recent election victory on Nov. 5, which was welcomed by many in the crypto sector due to his pro-crypto campaign promises. Notably, Trump pledged to replace SEC Chair Gary Gensler on his first day in office, a move that has generated anticipation for a more favorable regulatory environment for cryptocurrencies.

The SEC has been involved in multiple high-profile legal battles with major exchanges, including Binance and Coinbase, along with an ongoing case against Ripple that began in December 2020.

Lubin referenced Consensys' own legal actions against the SEC, claiming that the lawsuit, filed in April, aimed to challenge the regulator's efforts to classify Ether as a security.

Despite these developments, a Texas federal judge dismissed Consensys' lawsuit against the SEC and its commissioners in September.

The SEC has accused Consensys of operating as an unregistered broker and conducting unregistered securities transactions through its MetaMask Swaps service .