Ethereum co-founder Joseph Lubin stated that ETH treasuries are crucial for the development of the Ethereum ecosystem.

In an interview with CNBC on Tuesday, Lubin mentioned that there is currently a large amount of Ethereum (ETH) in circulation, but there is a lack of sufficient application activity to unlock its potential. He pointed out that this is precisely why he got involved in creating the Ethereum treasury company SharpLink Gaming and serves as its chairman.

Lubin believes that the Ethereum treasury is a "highly promising business." He also noted, "As we continue to develop more applications, it will become essential to achieve a healthy balance between supply and demand for Ethereum."

Lubin stated that SharpLink is committed to showcasing Ethereum's potential in a way that can attract Wall Street, "Wall Street is concerned with whether profitability can be achieved."

Lubin also mentioned that as the world gradually moves towards a higher degree of decentralization, he expects Bitcoin (BTC) and Ethereum to "continue to appreciate" in the coming years and even decades.

He pointed out that by continuously accumulating and increasing these assets, the treasury will bring attention and scarcity to them. "We can purchase tens of millions of dollars worth of Ethereum every day."

Lubin said that after years of infrastructure development, the ecosystem is now mature enough to support Web3. "It is now very user-friendly." He added:

Lubin also mentioned that former SEC Chairman Gary Gensler had restricted the development of Ethereum, making "the use of tokens, issuance of tokens, or development of applications in our ecosystem extremely challenging." He added, "That situation has become history."

This statement comes as Paul Atkins was sworn in as the 34th Chairman of the SEC at the end of April. Earlier this month, Atkins stated that the SEC currently views tokenization as an "innovation" worth encouraging in the market.

The news of Gensler's departure from the SEC was widely welcomed by the crypto community, with some voices suggesting that he had made the U.S. "almost an environment where blockchain companies struggle to survive." However, reports in mid-May indicated that he actually supported cryptocurrencies privately.

Related: Stablecoins also love gold: Tether's 80-ton gold hoarding behind the hedging strategy

Original article: “Joseph Lubin: Enterprise-level Ethereum (ETH) treasuries are critical for the ecosystem”

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