Consensys Calls on Next US President to Establish Clear and Supportive Crypto Regulations

Consensys Calls on Next US President to Establish Clear and Supportive Crypto Regulations

As the 2024 U.S. presidential election approaches, Consensys, a prominent blockchain infrastructure company, has issued a public appeal urging the future administration to provide well-defined regulatory frameworks for cryptocurrency and blockchain technologies. In an open letter directed at the next president, Consensys stressed the need for regulatory clarity to encourage innovation while protecting consumers.

Urgent Need for Consistent Crypto Regulations, Consensys Argues

The appeal outlines Consensys’s concerns over the fragmented and often inconsistent regulatory landscape in the United States, which it argues creates an environment vulnerable to bad actors. The company claims that unclear and scattered rules have led to enforcement actions that sometimes stifle legitimate blockchain projects and business operations. Emphasizing a need for cooperation between Congress and regulatory agencies, Consensys advocates for well-structured, consistent oversight rather than what it describes as “disingenuous enforcement actions.”

In its letter, Consensys emphasized the value of blockchain technology in fostering innovation and global competitiveness, calling for rules that provide “accountability, equitable access, and progress” for all parties in the Web3 ecosystem. The company also pointed out the global significance of establishing clear guidelines, as regions like Europe and Asia are advancing their regulatory approaches, making it crucial for the U.S. to remain a competitive leader in blockchain innovation.

The Broader Push for Regulatory Clarity

This appeal from Consensys aligns with global efforts to enhance regulatory standards in the crypto space. Recently, Zurich-based digital asset firm 21Shares urged the European Securities and Markets Authority (ESMA) to provide standardized guidelines across Europe, highlighting investor confusion arising from disparate national regulations.

Consensys has actively participated in regulatory discussions in the past and recently continued a legal dispute with the U.S. Securities and Exchange Commission (SEC), pressing for clarity around Ethereum’s classification as a security. The company argues that excessive regulatory scrutiny has stifled blockchain innovation in the U.S., motivating its direct engagement with voters to elect leaders supportive of the blockchain industry.

Consensys’s call to action reflects the growing sentiment among blockchain companies for rules that promote responsible growth and protect consumers from fraud. The outcome of the 2024 election could be pivotal in shaping a more transparent and supportive regulatory framework for the U.S. crypto market.