Ethereum-focused blockchain developer Consensys has called on the next U.S. administration to prioritize clear regulations and support for innovation in the crypto industry as the 2024 presidential election draws near.
In an open letter addressed to the “next U.S. president,” Consensys expressed concerns about the fragmented regulatory landscape in the U.S., which it argues allows bad actors to thrive.
The letter highlighted three key priorities for the next administration: establishing clear regulatory guidelines, strengthening consumer protection measures, and promoting innovation in the blockchain industry.
“The industry’s commitment to advancing progress, accountability, and equitable access should be protected and nurtured by its governing bodies.”
the letter read.
Consensys stressed that the current regulatory uncertainty has resulted in “disingenuous enforcement actions” and called for cooperation between Congress and regulatory agencies to create clear guidelines. The company emphasized that blockchain and cryptocurrency are widely adopted, both in the U.S. and globally, despite lacking a solid regulatory framework. This gap, combined with inconsistent enforcement against compliant organizations, has allowed bad actors to thrive.
The MetaMask developer urged the future U.S. president to embrace these priorities for a “more hopeful future” for blockchain technologies and the individuals whose livelihoods depend on them.
This isn’t the first time Consensys has urged authorities to reconsider digital asset regulations. The blockchain firm recently requested the U.S. Internal Revenue Service (IRS) to delay new reporting regulations due to significant compliance burdens and a lack of clarity. Bill Hughes, senior counsel at Consensys, criticized the Draft Form 1099-DA for being overly broad, stating that it fails to consider the compliance burden on potential brokers.
Consensys is also not alone in seeking regulatory clarity. Coinbase has also intensified its push for regulatory clarity by filing multiple Freedom of Information Act (FOIA) requests with the Federal Deposit Insurance Commission (FDIC). The exchange sought documents related to any restrictions the FDIC placed on U.S. banks regarding digital asset holdings and information on how the agency processed cryptocurrency-related FOIA requests since 2022.
Coinbase’s chief legal officer, Paul Grewal, emphasized the company’s commitment to holding U.S. agencies accountable, stating, “So long as the government would not relent, neither would Coinbase.”
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