ConsenSys, one of the most prominent companies in the crypto world, has sent a letter to the future president of the United States requesting a clear regulatory framework for cryptocurrencies.
In the letter, ConsenSys has stressed the urgent need to establish a clear regulatory framework for cryptocurrencies and the blockchain industry. The company, recognized as one of the main players in the blockchain ecosystem, argues that the lack of adequate regulation is harming both innovation and the competitiveness of the United States in the global arena.
The letter, addressed to the next US president, a position being debated between Donald Trump and Kamala Harris, comes amid growing uncertainty about cryptocurrencies in the country and in the context of the upcoming presidential elections, which will be held on November 5.
ConsenSys stressed that regardless of the election outcome next month, it is crucial that the incoming administration addresses cryptocurrency regulation proactively. Otherwise, Fragmented regulation and arbitrary enforcement of laws such as those seen so far could stifle innovation and undermine the country's leadership. as a global power. The company also argued that adopting a clear regulatory framework for cryptocurrencies would not only benefit the industry as a whole, but would also provide a safer and more predictable environment for consumers and investors.
ConsenSys emphasizes the need for regulatory certainty and transparency
In her letter, ConsenSys addressed several key points that it considers fundamental for the healthy development of the cryptocurrency and blockchain technology sector. One of the highlights was regulatory certainty and transparencyThe company maintains that a clear framework is essential for businesses and other participants in the crypto industry to operate effectively, and for developers to be able to innovate without fear of legal retaliation.
Unlike other countries, where regulation towards cryptocurrencies and digital assets is more coherent, The United States faces a regulatory vacuum that has left many companies in uncertainty. ConsenSys is therefore calling on the next US administration to work with the crypto industry, Congress and regulatory agencies, to establish guidelines that allow for legitimate participation in the cryptocurrency ecosystem.
The company stressed that this regulatory certainty and transparency would not only foster a healthier environment for crypto assets and technology, but would also contribute to the growth of the US economy.
“In the name of spurring innovation, creating the next generation of Internet jobs in the U.S., protecting American territories and interests, and promoting technological cooperation, we urge you to adopt (these) three key imperatives as you consider your organization’s stance on the blockchain industry and its millions of participants across the country.”, he indicated.
Building trust and ensuring consumer protection
In addition, the letter stressed the importance of protecting the consumer and ensuring security against illicit activities. Although Cryptocurrency-related criminal activity is relatively low compared to traditional finance, the decentralized nature of blockchain presents unique challenges in terms of security. ConsenSys is therefore advocating for increased education on the risks associated with decentralized digital finance and the need for greater collaboration between the public and private sectors.
Blockchain technology, according to the company, can be part of the solution to combat crime, providing tools to track and stop illegal activities, fostering trust in the financial system.
Innovation as the driving force of the future
Another crucial point in ConsenSys’ letter was the encouragement of innovation in the blockchain space.
ConsenSys noted that we are at a critical moment for the development of Web3 technologies, which have the potential to redefine the way we interact with content, identity and ownership online. The company warned that any obstacles to innovation could lead to other countries, even those with interests opposed to those of the United States, overtaking and displacing the nation in this new digital era.
So, in order to prevent the United States from falling behind in the digital age, ConsenSys urges the next US president to foster technological development by establishing a clear legal framework, reducing bureaucracy and investing in technological infrastructureThe company also stressed that the core principles of cryptocurrencies are aligned with American values such as personal freedom and privacy, and that the industry's commitment to progress must be supported by effective public policies.
“We are at a crossroads in the global development of web3 technologies. The industry has the potential to take us to the next phase of the Internet, where content, identity, ownership, security and accessibility are controlled solely by the user.”, ConsenSys noted.
ConsenSys' fight against the SEC
As ConsenSys advocates for a clear regulatory framework in the country, the company is also in the midst of a legal battle with the Securities and Exchange Commission (SEC).
As reported by this outlet, the SEC filed a lawsuit against ConsenSys in the middle of the year, related to the staking and swap services that the company provides through MetaMask, one of the most used cryptocurrency wallets in the world. This action has raised concerns in the crypto industry about the SEC's regulatory approach to crypto asset platforms. The securities regulator, under the direction of Gary Gensler, has often been perceived as arbitrary and inflexible towards digital assets, an approach that the company clearly believes could stifle the country's potential to lead innovation.
The lawsuit has highlighted a lack of clarity in digital asset regulation in the United States and has led ConsenSys to argue that legal uncertainty is inhibiting the growth of the sector.
“Since we announced our lawsuit with the U.S. Securities and Exchange Commission (SEC) earlier this year, Consensys has been fighting for the right of all Web3 creators to innovate”He stressed.
Overall, ConsenSys' letter to the future US president is not only a call to action, but also a reflection of broader concerns about the future of cryptocurrencies in the country.
With the blockchain industry continually evolving, the need for a clear regulatory framework becomes ever more urgent. In this context, ConsenSys’ letter serves as a reminder of the pressing needs of the sector and that, rather than being seen as an obstacle, regulation can be an opportunity to build a safer and more prosperous future for all participants in the digital ecosystem.
