In an open letter, blockchain firm ConsenSys is calling on the next U.S. president to address key issues surrounding cryptocurrency regulation and innovation. The letter stressed the importance of creating a clear, pro-innovation environment for digital assets to ensure the U.S. economy remains competitive in the global tech industry.
ConsenSys raises concerns about the current approach to cryptocurrency regulation in the U.S. arguing that a lack of clarity, along with inconsistent enforcement of rules, leaves the blockchain sector vulnerable.
This can lead to harm, not only for businesses but also for consumers who may face risks from bad actors in the space.
ConsenSys urges the next president to create clear and transparent regulatory guidelines that would allow crypto companies to follow the law with confidence, without fear of unpredictable legal action.
Additionally, the letter highlights the need for consumer protection. Although the occurrence of illegal activities using digital assets is relatively low, the decentralized nature of cryptocurrencies does bring some unique challenges.
ConsenSys believes that with the right education and global cooperation, blockchain technology could actually help combat crime and improve security.
For the company, the importance of supporting innovation in the blockchain industry cannot overemphasized. According to ConsenSys, the U.S. risks falling behind in the development of web3 technologies—an evolution of the internet where users have greater control over their data, identity, and security.
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To maintain leadership in the digital world, the next U.S. president must support research, reduce unnecessary barriers, and invest in infrastructure to foster the next wave of digital innovation.
ConsenSys believes that these three priorities—clear regulations, consumer protection, and encouraging innovation—will help shape a better future for cryptocurrencies and secure the U.S.’s place in the digital world.
The blockchain firm has been championing innovation within the blockchain space. It argues that for the U.S. to remain competitive globally, it must invest in and encourage the development of blockchain technologies, particularly as the internet evolves into web3.
ConsenSys believes that the U.S. can remain at the forefront of digital advancements. Through these efforts, they hope to create a safer, more innovative future for the crypto industry.
