Consensys Urges Future US President to Provide Clear Crypto Regulations

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Jimmy Aki

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Jimmy Aki

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Jimmy has nearly 10 years of experience as a journalist and writer in the blockchain industry. He has worked with well-known publications such as Bitcoin Magazine, CCN, and Blockonomi, covering news...

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October 24, 2024

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With the 2024 U.S. presidential election looming, Consensys, a blockchain infrastructure provider, issued a public appeal on Wednesday for clear crypto regulations, urging the future administration to prioritize oversight that supports innovation while protecting consumers.

The Appeal for Clear Crypto Regulations

Consensys, in an open letter addressed to the next U.S. president, emphasized the importance of clear regulations for Web3 and blockchain technologies, warning that without proper oversight, the ecosystem risks being undermined by bad actors.

The blockchain developer expressed concerns over the fragmented nature of U.S. crypto regulations, which it argues create an environment conducive to fraudulent activities.

The company further highlighted how inconsistent rules have resulted in enforcement actions that disrupt legitimate businesses.

Consensys stressed the need for collaboration between Congress and regulatory bodies to prevent what it describes as “disingenuous enforcement actions.”

In its letter, the company urged the next administration to focus on “advancing progress, accountability, and equitable access,” they added, for everyone involved in the Web3 space.

Consensys pointed out that blockchain and cryptocurrency technologies are seeing widespread adoption in regions like Europe and Asia, making regulatory clarity even more critical for the U.S. to remain competitive.

By establishing clear, fair rules, Consensys believes the U.S. can position itself as a leader in blockchain innovation while ensuring consumer protection from potential fraud and malicious actors.

Global Push for Regulatory Clarity

While the U.S. debates its regulatory approach, other regions are also grappling with how to handle digital assets effectively.

Earlier this month, Zurich-based digital asset firm 21Shares also urged the European Securities and Markets Authority (ESMA) to establish clearer guidelines for both retail and institutional investors.

The lack of consistency across European countries, with some allowing cryptocurrency funds and others not, has caused confusion for investors.

Consensys has previously been involved in public discussions around crypto regulation clarity.

Earlier, the Ethereum developer disclosed its plans to continue a lawsuit with the Securities and Exchange Commission (SEC) over the need for regulatory clarity after the regulator paused its investigation into Ethereum (ETH) as a security.

By pursuing this lawsuit, Consensys seeks to address concerns over regulatory overreach that have stifled innovation.

In its wider campaign for regulatory reform, Consensys is engaging directly with American voters, emphasizing the need for elected leaders who support blockchain innovation.