Blockchain software company Consensys begs for clear crypto rules in an open letter to the next US president.
In the letter, Consensys says regardless of who wins the upcoming presidential election, the path the government is currently taking toward regulating the crypto industry — including taking enforcement action against law-abiding companies — is wrong.
“There is nothing more important to a thriving crypto ecosystem than a clear and workable regulatory framework that defines how intermediaries who interact with customers operate. But unlike the rest of the Organization for Economic Co-operation and Development (OECD), clear executive action has proven elusive in the United States.
In the absence of this, companies and developers have been left in the dark, obliged to defend the legitimacy of their livelihoods in response to ad hoc enforcement actions, when they would happily adhere to well-defined rules and regulations.
Working with Congress, the next administration and its relevant agencies must provide – with clarity and finality – avenues for legitimate participation in the Web3 ecosystem.”
According to Consensys, the government should release clear guidelines for the industry to avoid over-targeting good actors in the space, provide financial security to consumers and encourage innovation in the industry as a way to avoid being left behind in other countries.
“The next President should do everything in his or her power to encourage the technological development of Web3, including by advancing research and development capabilities, reducing unnecessary bureaucratic hurdles, and investing in infrastructure to support its evolution to support.”
In June, the U.S. Securities and Exchange Commission (SEC) sued Consensys, alleging that its Metamask wallet was acting as an unregistered stock broker.
At the time, the SEC alleged that Consensys had failed to register the wallet with a stock broker and was engaged in the sale of securities for the Lido and Rocket Pool crypto staking protocols.
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Featured image: Shutterstock/klyaksun/Andy Chipus