By Philip Maina
1 week agoSun Nov 24 2024 16:44:00
Reading Time: 2 minutes
- The Sky Mavis co-founder thinks Trump’s reign will benefit DeFi and web3 gaming
- The co-found believes that the outgoing administration stifled crypto and blockchain growth
- He added that Biden’s administration and the country’s securities watchdog used unclear laws to govern the crypto space
Sky Mavis co-founder Jeffrey Zirlin thinks Trump’s presidency will support growth in the DeFi and web3 gaming sectors. Zirlin said that the outgoing Biden administration and the country’s securities watchdog used unclear laws to govern the blockchain world hence stifling innovations in the space. The co-founder said that the DeFi and gaming sectors have the highest “long-term substantive value in this industry,” an observation that aligns with previous reports that blockchain gaming accounted for 33% of web3 activities .
Crypto Projects Feared Stepping on SEC’s Toes
Speaking to Cointelegraph during the YGG Play Summit, Zirlin said that Trump’s administration will allow people to explore new ways to add “utility to tokens” consequently bringing more people to the DeFi and blockchain gaming spaces.
According to the Sky Mavis executive, the country’s securities watchdog, SEC, headed by Gary Gensler who has already announced his resignation , made it nearly impossible to develop innovative crypto projects due to the fear of stepping on the regulator’s toes.
Apart from Trump’s impact in the blockchain world, Zirlin also talked about memecoins. According to him, memecoins attract people who are in the crypto world “for primarily speculative reasons.”
Zirlin Echoes Joe Lubin’s Thoughts
He added that memecoins are synonymous with new blockchains looking to attract users. ZIrlin believes that the current attention around memecoins is riding on genuine gaming projects set to become popular in the near future.
The Sky Mavis CEO’s observations on the effect of a Trump presidency on the crypto and blockchain space have previously been echoed by other notable figures in the crypto space. Ethereum co-founder Joe Lubin, for example, previously also shared similar thoughts saying that Trump’s reign will favor crypto projects solving an existing problem.
With Trump individually exploring the blockchain world, more people in the crypto space are likely to share Zirlin’s observation.
