Ethereum's Future Hinges on Treasury Development, Says Co-Founder Lubin

According to Cointelegraph, Ethereum co-founder Joseph Lubin emphasized the importance of Ether (ETH) treasuries for the growth of the Ethereum ecosystem. In a recent interview with CNBC, Lubin highlighted the abundance of Ether in circulation but noted a lack of sufficient activity to utilize it effectively. He attributed this as a key reason for his involvement in establishing the Ethereum treasury company SharpLink Gaming, where he serves as chairman. Lubin described Ether treasuries as a promising business venture, crucial for balancing the supply-demand dynamics of Ether as more applications are developed. Lubin explained that SharpLink aims to present the Ethereum narrative in a manner that resonates with Wall Street, which he believes is focused on profitability. He expressed optimism about the future of both Bitcoin (BTC) and Ether, predicting their continued rise over the coming years and decades as the world increasingly embraces decentralization. Lubin noted that treasuries would foster interest and scarcity around these assets by accumulating them and maintaining a steady collection rate, stating, "We’re able to acquire tens of millions of dollars in Ether a day." He also remarked on the maturity of the ecosystem, asserting that it is now capable of supporting Web3, with Ethereum being scalable, affordable, and legally viable in the United States. Lubin further commented on the regulatory environment, suggesting that Ethereum's progress had been hindered by former U.S. Securities and Exchange Commission Chair Gary Gensler, who he claimed made it challenging to use or issue tokens and develop applications within the ecosystem. However, Lubin expressed optimism that these obstacles are now behind, following the appointment of Paul Atkins as the new SEC chair. Atkins recently stated that the SEC views tokenization as an innovation to be encouraged in the marketplace. Gensler's departure was met with relief in the crypto community, with some arguing that his tenure made the U.S. nearly untenable for blockchain companies. Despite this, mid-May reports indicated that Gensler privately supported crypto initiatives.