Consensys a blockchain company calls for clear encryption regulation in an open letter to the next US President

The blockchain software company Consensys is pleading for clear cryptocurrency regulations in an open letter to the next US president. In the letter, Consensys argues that the current government’s approach to regulating the cryptocurrency industry, including taking enforcement actions against compliant companies, is misguided. They state that “nothing is more important for a thriving cryptocurrency ecosystem than a clear and workable regulatory framework that defines how intermediaries operating with customers function.” However, compared to other organizations within the Organization for Economic Cooperation and Development (OECD), clear administrative action has proven elusive in the United States. Without it, companies and developers are left in the dark and are forced to defend the legitimacy of their livelihoods when faced with ad hoc enforcement actions. The next administration and its relevant agencies must work with Congress to provide a clear and definitive path for legitimate participation in the Web3 ecosystem. According to Consensys, the government should issue clear guidelines for the industry to avoid excessive targeting of exceptional participants, provide financial protections for consumers, and incentivize innovation in the sector as a means to not fall behind other countries. The next president must do everything in their power to encourage the development of Web3 technologies, including creating research and development opportunities, reducing unnecessary bureaucratic barriers, and investing in infrastructure to support its growth. In June, the US Securities and Exchange Commission (SEC) sued Consensys, claiming that its Metamask wallet was an unregistered securities broker. At the time, the SEC alleged that Consensys failed to register the wallet as a broker and did not participate in the securities sales of cryptocurrency staking protocols Lido and Rocket Pool. Don’t miss a beat – subscribe to receive email alerts directly to your inbox. Check out the price action. Follow us on Twitter, Facebook, and Telegram. Featured image: Shutterstock/klyaksun/Andy Chipus