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Blockchain infrastructure provider Consensys has issued an open letter to the next U.S. president, urging the establishment of a regulatory framework that supports blockchain innovation.
Consensys Calls for Regulatory Clarity in the Crypto Sector
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. The company, known for owning MetaMask and Infura, addressed their concerns in an open letter dated Wednesday, Oct. 24, to the “next U.S. president.” Consensys highlighted the fragmented approach to crypto regulation in the United States, arguing that it “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.”
The letter outlined three core imperatives for the incoming administration:
- Ensuring regulatory transparency
- Enhancing consumer protection
- Encouraging technological development in the blockchain space
The Need for Clear Regulations
Consensys emphasized that regulatory ambiguity has led to “disingenuous enforcement actions.” The company urged 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’ Broader Appeal
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.
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.”
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