Ethereum co-founder Joseph Lubin suggested that ETH treasuries are crucial for the development of the Ethereum ecosystem.
During an interview with CNBC on Tuesday, Lubin stated that a large amount of Ether (ETH) is in circulation, but there is insufficient activity to utilize it. He cited this as the reason he is involved in building the Ethereum treasury company SharpLink Gaming, where he serves as chairman.
Lubin said Ether treasuries are “a great business to run.” He also claimed that “it’s going to be critical to enable the supply-demand dynamics of Ether to right-size as we build more and more applications.”
The Ethereum co-founder said SharpLink is focused on “telling the Ethereum story” in a way that appeals to Wall Street, who he said “pays attention to being able to make money.”
Related: Bit Digital shifts treasury strategy with 100K ETH buy; stock surges 29%
Lubin said that he expects both Bitcoin (BTC) and Ether to “continue to rise over the next years and decades” as the world gradually shifts to increasing decentralization.
According to Lubin, treasuries will generate interest and scarcity around these assets by accumulating and being expected to keep collecting more. “We’re able to acquire tens of millions of dollars in Ether a day,” he said.
Lubin said that after years of building infrastructure, the ecosystem is mature enough to host Web3. “It’s very usable right now,” he said, adding:
“So Ethereum is scalable enough, affordable enough, legal enough in the United States.“
Related: SharpLink Gaming pops 28% as Ethereum holdings surpass $533M
Regulatory thaw could unlock Ethereum growth
Lubin also claimed that Ethereum’s development had been stifled by former US Securities and Exchange Commission Chair Gary Gensler, who he says made it “really unattractive to use tokens or issue tokens or build applications in our ecosystem.” “That is all behind us,” he added.
The comments follow Paul Atkins being sworn in as the 34th chair of the SEC in late April. Earlier this month, Atkins said that the SEC now sees tokenization as an “innovation” to be encouraged in the marketplace.
Gensler’s departure from the SEC was welcome news in the crypto community, with some claiming that he had made the US “nearly untenable for blockchain companies.” Still, mid-May reports suggest that privately, he was a crypto supporter.
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