Consensys Advocates for Pro-Web3 Regulation in Open Letter to Future U.S. President

Blockchain infrastructure provider Consensys has issued an open letter to the next U.S. president, urging the establishment of a regulatory framework that supports blockchain innovation.

As the 2024 presidential election approaches, Consensys, the developer behind Ethereum tools like MetaMask and Infura, is calling on the future U.S. administration to prioritize regulatory clarity and foster innovation within the crypto sector.

In the letter, dated October 24, the company expressed concerns about the fragmented nature of crypto regulation in the United States, which it believes allows bad actors to thrive. It outlined three key imperatives for the incoming administration: ensuring regulatory transparency, enhancing consumer protection, and promoting technological development in the blockchain space.

Consensys argued that regulatory ambiguity has led to “disingenuous enforcement actions,” and called for collaboration between Congress and regulatory bodies to create clear guidelines that enable legitimate participation in the web3 ecosystem.

In closing, the letter urged the future president to adopt these key imperatives to foster a “more hopeful future for these technologies and those whose livelihoods depend on them.”

Consensys is not alone in its quest for regulatory clarity. Earlier in October, 21Shares urged the European Securities and Markets Authority to provide “much-needed clarity” for both retail and institutional crypto investors in Europe. The Zurich-based firm noted that while some countries, such as Germany and Malta, allow UCITS funds to hold crypto, others like Luxembourg and Ireland do not, leading to a fragmented regulatory landscape that complicates investor understanding and comparison of options.