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

Blockchain infrastructure provider Consensys has issued an open letter to the next U.S. president, urging a regulatory framework that supports blockchain innovation.

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

In an open letter, on Wednesday, Oct. 24, the company, which owns MetaMask and Infura, addressed to the “next U.S. president” concerns over what it describes as a fragmented approach to crypto regulation in the United States, which it argues “leaves room for bad actors to proliferate.”

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

Consensys

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

Consensys emphasized that regulatory ambiguity has led to “disingenuous enforcement actions.”, urging collaboration between Congress and regulatory bodies to define clear rules that allow for legitimate participation in the web3 ecosystem.

“Contrary to the mistaken belief that this technology is unimportant or ephemeral, blockchain and cryptocurrency have been embraced across the United States (and the world), even as the lack of a regulatory framework in the U.S. and the ongoing threat of often haphazard and disingenuous enforcement actions against organizations that have carefully followed the law leaves room for bad actors to proliferate.”

Consensys

In closing, Consensys urged the future U.S. president to adopt key imperatives, driving a “more hopeful future for these technologies and all those whose livelihoods depend upon them.” Consensys is not the only blockchain company seeking regulatory clarity from regulators.

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

The Zurich-based firm highlighted that while some countries, such as Germany and Malta, permit UCITS funds to hold crypto, others, like Luxembourg and Ireland, do not, resulting in a fragmented approach that creates “confusion, making it difficult for investors to understand and compare their options.”