Consensys a blockchain company urges clear crypto regulation in an open letter to the next US President

Blockchain software company Consensys is urging clear cryptocurrency regulations in an open letter to the next US President. In the letter, Consensys states that the current government’s approach to regulating the cryptocurrency industry, including enforcement actions against compliant companies, is misguided. “For a thriving cryptocurrency ecosystem, nothing is more important than a clear and workable regulatory framework that defines how intermediaries interacting with customers operate. However, compared to other organizations within the Organisation for Economic Co-operation and Development (OECD), clear executive action has proven elusive in the United States. Without it, companies and developers are left in the dark, required to defend the legitimacy of their livelihoods when faced with ad hoc enforcement actions, all while willing to comply with clear rules and regulations. The next administration and its agencies must work with Congress to provide a clear and final pathway for legal participation in the Web3 ecosystem,” the letter reads. According to Consensys, the government should issue clear guidelines for the industry to avoid excessive targeting of outstanding participants, provide financial protection for consumers, and encourage innovation in the sector as a means of not falling 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 as a broker-dealer for its wallet and did not participate in the securities sales of cryptocurrency staking protocols Lido and Rocket Pool. Don’t miss a beat – subscribe to get email alerts directly to your inbox Check Price Action Follow Us X Facebook Twitter Telegram Surf The Daily Hodl Mix Featured Image: Shutterstock/klyaksun/Andy Chipus