Consensys CEO: Ethereum ETF approval has “huge U.S. political problems”

Consensys CEO Joseph Lubin has stated that the early application for an Ethereum exchange-traded fund (ETF) has "nearly completed" in the United States. Applications such as those submitted by companies like BlackRock under 19b-4 will be approved by the U.S. Securities and Exchange Commission (SEC). However, the process of publicly launching them may take longer and could be delayed due to significant political issues in the U.S.

Lubin also revealed that Donald Trump's campaign team has been in contact with the cryptocurrency ecosystem for two months, attempting to develop a strategy to support cryptocurrencies. With the U.S. presidential election approaching, the SEC is under pressure to take a neutral stance, and the approval of an ETH ETF could make the SEC a "thoughtful regulator."

In addition, Consensys filed a lawsuit against the SEC in April, opposing the undisclosed decision to classify ETH as a security. Lubin criticized current SEC Chairman Gary Gensler for his stricter regulation. Consensys has provided over 100,000 pages of documents and is prepared to invest tens of millions of dollars in the legal battle to address SEC regulation of MetaMask, staking, and the Ethereum protocol.