Consensys, a blockchain software company, has written an open letter to the next US President, urging for clear regulations in the cryptocurrency industry. Regardless of the election outcome, Consensys argues that the current approach taken by the government, which includes enforcement actions against law-abiding companies, is flawed. The company emphasizes the importance of a regulatory framework that defines the operations of intermediaries in the crypto ecosystem. While other countries have achieved this clarity, the United States lags behind, leaving companies and developers uncertain and vulnerable to ad hoc enforcement actions. Consensys calls for collaboration with Congress and relevant agencies to establish clear pathways for legitimate participation in the Web3 ecosystem.
Consensys also highlights the need for the government to issue clear guidelines for the industry to prevent the excessive targeting of reputable actors, ensure financial security for consumers, and foster innovation in order to stay competitive globally. The company believes that the next President should actively support the development of Web3 technologies by promoting research and development, removing unnecessary bureaucratic barriers, and investing in infrastructure.
In June, Consensys faced legal action from the US Securities and Exchange Commission (SEC), which accused the company of operating its Metamask wallet as an unregistered securities broker. The SEC alleged that Consensys had not registered the wallet as a securities broker and had engaged in the sale of securities for crypto staking protocols Lido and Rocket Pool.
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