CoinJek News Report:
Blockchain software company Consensys is pleading for clear cryptocurrency regulations in an open letter to the next US President.
In the letter, Consensys states that regardless of who wins the upcoming presidential election, the government’s current approach to regulating the cryptocurrency industry, including taking enforcement actions against law-abiding companies, is wrong.
“For a thriving cryptocurrency ecosystem, nothing is more important than a clear and workable regulatory framework that defines how intermediaries interacting with customers operate. However, clear administrative action has proven elusive in the United States compared to other organizations within the Organization for Economic Cooperation and Development (OECD).
Without it, companies and developers are left in the dark and are required to defend the legitimacy of their livelihoods when faced with temporary enforcement actions, while willing to comply with clearly defined regulations.
The next administration and its relevant agencies must work with Congress to provide a clear and definitive path for legitimate participation in the Web3 ecosystem.”
According to Consensys, the government should issue clear guidelines for the industry to avoid excessive targeting of outstanding participants in the field, provide financial protections for consumers, and incentivize innovation in the industry as a means of not falling behind other countries.
“The next President must do everything possible to encourage the development of Web3 technologies, including creating research and development opportunities, reducing unnecessary bureaucratic barriers, and investing in infrastructure to support its growth.”
In June, the US Securities and Exchange Commission (SEC) filed a lawsuit against Consensys, claiming that its Metamask wallet was an unregistered securities broker.
At the time, the SEC alleged that Consensys failed to register the wallet as a securities broker and did not participate in the securities sales of cryptocurrency staking protocols Lido and Rocket Pool.
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