Consensys urges the next U.S. president to establish a clear regulatory framework for blockchain innovation ahead of the 2024 election.
Blockchain infrastructure provider Consensys has issued an open letter to the next U.S. president. The company is urging the administration to establish a regulatory framework that supports blockchain innovation. As the 2024 presidential election approaches, Consensys emphasizes the need for regulatory clarity in the crypto sector.
The letter, dated October 24, is from Consensys. The company seeks to quell apprehensions about the disjointed structure of crypto regulation in the United States. The company says this “creates the space for bad actors to thrive.” It claims that the industry’s governing bodies should defend progress, accountability, and equal opportunity within the sector.
The letter identifies three principal priorities for the new administration in each area. First, it requires clear regulations to promote transparency. Second, it focuses on the need to improve consumer protection in blockchain technologies. Moreover, Consensys calls on the administration to promote technological advancement in crypto.
Blockchain Firm Consensys Calls for Clear Web3 Regulations
Consensys points out the problem of regulatory uncertainty. This uncertainty has created what they termed ‘disingenuous enforcement actions,’ which are unfavourable to legitimate businesses. The company urges Congress and the various regulatory authorities to develop clear regulations for participation in the Web3 space.
“Despite what some may think about the relevance or longevity of this technology,” the letter continues, “both blockchain and cryptocurrency have been adopted in the United States and worldwide.” Nonetheless, the absence of a comprehensive set of rules and regulations and uneven enforcement measures still present difficulties for the business.
Finally, Consensys calls on the future president of the United States to embrace these principles. They call for a favourable legal framework that will enable a more positive future for blockchains and their related occupations.
However, more importantly, Consensys is not the only company desperate for legal clarification. In early October, 21Shares also demanded clearer rules. The Zurich-based firm called on the European Securities and Markets Authority for more “much-needed” guidance for retail and institutional investors in the European Union.
