A few weeks in crypto's short history have seen as much progress as this. On Wednesday, in Washington, D.C., a sudden confluence of bipartisan support coalesced behind a crypto regulation bill. The stunning eleventh-hour approval of spot Ethereum ETFs by the U.S. Securities and Exchange Commission (SEC) followed this the next day.

To Ethereum co-founder and Consensys CEO Joe Lubin, both events -- particularly the SEC's about-face on Ethereum -- represent a seismic shift in how crypto is treated in America and will be moving forward.

"I think this is a game changer," the entrepreneur told Decrypt in an exclusive interview.

Seismic Shifts in Crypto Regulation

Consensys, the $7 billion Ethereum software company founded by Lubin, is currently trapped in multiple legal battles with the SEC over crypto's legal status. (Disclosure: Consensys is one of 22 investors in Decrypt.) But Lubin believes this week's events may have proved that crypto has graduated to a higher status within the American power apparatus -- upending the calculus for such battles.

"I guess that this is now a critical political issue," he said. "And that overrides."

Political Implications

Lubin argued that the SEC's decision to approve spot ETH ETFs was undeniably a last-minute political decision. This move was potentially made by a request -- or demand -- from the White House itself. Multiple crypto lobbyists in Washington previously told Decrypt that political pressure likely stemmed from a series of election-related developments last week.

"If you want to get elected, you're probably going to either need to have the blockchain decentralized protocol ecosystem on your side," Lubin continued. "Or at least you don't want them to hate you."

The SEC's Position

SEC leadership likely feels similar about crypto than it did a week ago. The agency's silence has been deafening. Political pressures may have thrown a wrench in its ongoing legal crusade against top American crypto firms like Consensys. Lubin has yet to let down his guard, however.

"We have to stay vigilant," warned Lubin. "We can't assume we won't be attacked again."

All eyes will remain on Washington D.C. and the upcoming developments as they unfold, as any move will impact the entire crypto community.