Blockchain software firm Consensys has recently penned an open letter to the next US President, urging for clear regulations in the crypto industry. The company emphasizes the importance of a defined regulatory framework to support legitimate participation in the Web3 ecosystem.
Consensys highlights the current challenges faced by companies and developers in the crypto space due to the lack of clear guidelines from the government. This ambiguity has led to ad hoc enforcement actions against law-abiding entities, creating uncertainty and hindering innovation in the industry. The firm calls for collaboration between Congress, the next administration, and relevant agencies to establish clear pathways for compliance and innovation.
In the letter, Consensys stresses the need for regulations that do not unfairly target good actors in the industry and provide financial security for consumers. The company also emphasizes the importance of fostering opportunities for research and development, reducing bureaucratic hurdles, and investing in infrastructure to support the evolution of Web3 technology.
The call for clear regulations comes in the wake of a lawsuit filed by the US Securities and Exchange Commission (SEC) against Consensys in June. The SEC alleged that the company’s Metamask wallet was acting as an unregistered securities broker and engaging in the sale of securities for crypto staking protocols Lido and Rocket Pool.
As the crypto industry continues to evolve, Consensys believes that regulatory clarity is essential for driving growth and innovation. The company urges the next President to prioritize the development of a clear and workable regulatory framework that supports the flourishing of the crypto ecosystem.
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