Highlights:
- Consensys urges clear crypto rules and regulatory transparency in a letter to the future US president.
- The firm cites stopping illicit activity, encouraging innovation, and protecting consumers as crucial imperatives.
- According to Consensys, ambiguous policies stifle innovation and may push the United States further behind other countries.
A blockchain infrastructure firm, ConsenSys, has sent an open letter to the future President of the United States, urging clear crypto rules and regulatory guidance regarding blockchain and cryptocurrency. Published in the Wall Street Journal on October 23, this letter introduces the company’s concerns over the current regulatory framework that it says is oppressing the growth of the crypto industry.
Advertisement
The firm says in the letter that it was worried about the growth of blockchain technology in the United States because of the regulatory uncertainty. Consensys believes that the government will lag behind countries that have embraced decentralized technologies without a clear regulatory framework. To maintain leadership in the blockchain space, the firm has pleaded positive measures to remain active in changing how the United States participates in the crypto world.
This week in @WSJ: A letter to the next U.S. president about the future of crypto. pic.twitter.com/rmKDNveKg5
— Consensys (@Consensys) October 24, 2024
Clear Crypto Rules for Regulatory Clarity and Transparency
The importance of regulatory transparency takes up a significant portion of the letter. Consensys says that the lack of explicit standards has resulted in inconsistent enforcement techniques, frequently stifling inventiveness. The company highlights that people working in the blockchain industry push for transparent and useful frameworks rather than attempting to dodge legislation.
The letter urges the incoming administration to work closely with Congress to establish clear avenues for authorized participation in the Web3 ecosystem. According to Consensys, entrepreneurs and developers must have regulatory clarity to contribute confidently to the US economy and help define the next generation of digital breakthroughs.
To preserve the United States’ competitiveness in the global market, Consensys also highlights other countries that have taken steps to reform their crypto legislation.
Safeguarding Consumer and Combating Illicit Activity
The letter also underlines the need for improved consumer protection. Consensys emphasizes that while illegal operations exist in the digital financial industry, they are very small compared to more established financial institutions. However, blockchain’s decentralized structure challenges data security and monitoring.
Consensys pushes for more extensive education on the risks of decentralized banking and increased public-private partnerships to mitigate these concerns. They support using blockchain technology to monitor and prevent illegal activity, increasing security in the online banking business. The company also stated that it would be willing to work with the incoming administration to integrate blockchain technology into this industry properly.
Promoting Innovation for Economic Growth
The Consensys letter ends with a plea for further innovation in the blockchain space. They claim that limiting technological advancement may allow other countries to have a competitive advantage. The letter calls on the next president of the United States to invest in blockchain infrastructure and remove bureaucratic barriers holding back development.
To accelerate the next step on the Internet, where people rather than centralized organizations control security, ownership, and access, the firm stresses the importance of supporting research and development of the Web3 area. In this digital evolution, Consensys believes basic American values like economic opportunity and individual liberty are reflected.
The letter comes as the heated U.S. presidential elections approach in a few weeks. According to Polymarket data, pro-crypto candidate Donald Trump has lately increased his chances to 62%, while Kamala’s odds remain at 38%.
Advertisement
