CEO of the wallet developer Dappradar Joe Lubin believes that the ongoing litigation between crypto companies and the US Securities and Exchange Commission (SEC) will end after Donald Trump is re-elected as the 47th President of the United States.
"I expect that they [commission officials] will come up with ways to close or settle these cases so as not to embarrass themselves. I have a feeling that in the future our industry will be able to save hundreds of millions of dollars on this," Lubin said at DevCon 2024 in Thailand.
The Consensys CEO's comments come after crypto-friendly Republican candidate Donald Trump won the US presidential election, putting pressure on him to deliver on the promises he made to the industry throughout his campaign.
For example, Trump said he would fire SEC Chairman Gary Gensler on his first day in office. In the meantime, the newly elected US leader has already begun filling his administration with people who support the crypto industry.
"I think the new president's transition team is already acting aggressively. Trump is a pretty good politician. Whatever you say about him, he catches the spirit of the times and follows it," Lubin said.
He called Trump's victory a significant victory for the crypto industry, especially in the US, as the country is currently facing legal battles between the Commission and major crypto companies, in particular, Binance и Ripple .
Recently, experts from the Blockchain Association, a cryptocurrency and blockchain advocacy group, estimated that the SEC lawsuits cost crypto industry at $426 million.
