Blockchain software company Consensys is calling for clear crypto regulations in an open letter to the next US president.
In the letter, Consensys claims that regardless of who wins the upcoming presidential election, the government’s current path to regulating the crypto industry – which includes taking enforcement action against law-abiding businesses – is incorrect.
“There is nothing more crucial to a thriving crypto ecosystem than a clear and workable regulatory framework defining the operation of intermediaries that interact with customers. Yet unlike the rest of the Organization for Economic Co-operation and Development (OECD) countries, clear executive action has proven difficult to achieve in the United States.
In its absence, businesses and developers have been left in the dark, forced to defend the legality of their livelihoods in response to ad hoc coercive measures when they would happily comply with well-defined rules and regulations.
Working with Congress, the next administration and its relevant agencies must provide – clearly and definitively – pathways for legitimate participation in the Web3 ecosystem.
According to Consensys, the government should issue clear guidelines for the industry to avoid excessively targeting the right players in the sector, ensure the financial security of consumers and encourage innovation in the industry to avoid not fall behind other countries.
“The next president must do everything in his power to encourage the technological development of Web3, including by fostering research and development opportunities, reducing unnecessary bureaucratic hurdles, and investing in infrastructure to support its evolution.”
In June, the U.S. Securities and Exchange Commission (SEC) sued Consensys, claiming its Metamask Wallet was acting as an unregistered securities broker-dealer.
At the time, the SEC alleged that Consensys failed to register the wallet with a securities broker-dealer and engaged in the sale of securities for crypto staking protocols Lido and Rocket Pool.
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Featured image: Shutterstock/klyaksun/Andy Chipus
