Consensys appeals for pro-web3 regulation in open letter to future US president

Blockchain infrastructure provider Consensys has published an open letter to the next US president calling for a regulatory framework that supports blockchain innovation.

Ethereum-focused blockchain developer Consensys has called on the future US administration to prioritize regulatory clarity and encourage innovation in the crypto sector as the 2024 presidential election approaches.

In an open letter on Wednesday, October 24, the company, which owns MetaMask and Infura, addressed concerns about what the “new US president” described as a fragmented approach to crypto regulation in the US. “It leaves room for bad actors to proliferate.”

“The industry’s commitment to advancing progress, accountability and equitable access must be protected and enhanced by governing bodies.”

consensus

The letter outlined three key imperatives for the incoming administration: Ensuring regulatory transparency, enhancing consumer protection, and encouraging technological development in the blockchain space.

Consensys emphasized that regulatory uncertainty leads to “disingenuous enforcement actions” and encouraged collaboration between Congress and regulatory agencies to define clear rules that allow legitimate participation in the Web3 ecosystem.

“Contrary to the misconception that this technology is trivial or temporary, blockchain and cryptocurrency have been adopted across the US (and the world), despite the lack of a regulatory framework in the US and ongoing threats that are often haphazard and disingenuous. “Enforcement actions against organizations that carefully follow the law allow bad actors to proliferate.”

consensus

In closing, Consensys called on the future US president to embrace the core imperatives and create “a more hopeful future for these technologies and everyone whose livelihoods depend on them.” Consensys is not the only blockchain company seeking regulatory clarity from regulators.

Consensys is not alone in its quest for regulatory clarity. Earlier in October, 21Shares called on the European Securities and Markets Authority to provide “much-needed clarity” to retail and institutional crypto investors across Europe.

The Zurich-based firm emphasized that some countries, such as Germany and Malta, allow UCITS funds to hold crypto, while others, such as Luxembourg and Ireland, do not, leading to a fragmented approach that “creates confusion, making it difficult for investors to hold cryptocurrencies.” Understand and compare your options.