Consensys Urges U.S. Leaders to Clarify Crypto Regulations

Blockchain software leader Consensys has issued an open letter urging the future U.S. president to prioritize comprehensive and clear crypto regulations. The company emphasizes that a well-defined regulatory framework is essential for fostering a robust crypto ecosystem in the United States, aligning with the global standards set by the Organization for Economic Co-Operation and Development (OECD).

In the letter, Consensys expresses deep concern about the government’s current approach, which involves unpredictable enforcement actions that target even compliant crypto businesses. The company believes this is impeding industry progress and discouraging innovators. “There is nothing more crucial to a flourishing crypto ecosystem than a clear and workable regulatory framework defining how intermediaries that engage with customers operate,” the letter states, highlighting the urgent need for stability in the crypto sector.

Request for Regulatory Clarity to Boost Web3 Development

Consensys calls on the incoming administration to establish clear rules that can guide legitimate industry participation and support the growth of the Web3 ecosystem. In the absence of firm regulations, developers and businesses often face enforcement actions rather than receiving guidance. As Consensys points out, they would willingly comply with specific rules if they were clearly defined.

Collaborating with Congress, Consensys believes the next administration must work to provide a regulatory pathway for Web3 engagement, emphasizing the need for transparency. According to the company, a supportive framework will “encourage Web3 technological development,” boost consumer financial security, and keep the U.S. competitive on a global scale.

Furthermore, Consensys highlights the importance of fostering research and development and removing bureaucratic barriers that could stifle Web3 innovation. “The next president must do everything in his or her power to encourage Web3 technological development, including by fostering opportunities for research and development,” the letter states.

This letter follows recent legal troubles for Consensys. In June, the U.S. Securities and Exchange Commission (SEC) accused Consensys of operating its Metamask wallet as an unregistered securities broker. The SEC claimed the company did not meet necessary registration requirements and had allegedly engaged in securities sales linked to crypto staking protocols Lido and Rocket Pool.

The open letter ultimately urges the next president to implement well-structured crypto policies that avoid penalizing compliant businesses and support a sustainable industry. Consensys hopes these policies will establish the U.S. as a leader in crypto innovation, balancing consumer protections with economic progress in the blockchain space.