The open letter stressed how clear regulatory frameworks help keep the US competitive while protecting consumers and combating illegal activities.
Amid increasing political and market tensions, blockchain company Consensys has issued an open letter to the next U.S. president, calling for clear and supportive regulations for cryptocurrencies and Web3 technologies.
The letter, released on October 23, emphasizes the need for transparent regulatory decisions to help the U.S. stay competitive globally while also addressing concerns over consumer protection and illicit activities.
Consensys’ appeal comes during a period of significant market volatility for cryptocurrencies, with Bitcoin currently trading around $67,500, down from its all-time high of over $70,000 in June.
Call for Regulatory Clarity
Consensys argues that the lack of regulatory certainty in the U.S. is stalling the development of blockchain technology.
The company highlighted the absence of a comprehensive framework despite the growing global adoption of decentralized platforms.
According to Consensys, this regulatory void results in inconsistent enforcement actions and discourages innovation for both businesses and developers.
The call for regulatory clarity follows a legal setback for Consensys, as a Texas federal judge dismissed the blockchain firm’s lawsuit against the U.S. Securities and Exchange Commission (SEC) on September 19.
Crypto and Politics
Bitcoin’s price volatility has been accompanied by increased political involvement in the cryptocurrency space.
Recently, Ripple co-founder Chris Larsen donated $10 million worth of XRP to Vice President Kamala Harris’ presidential campaign.
Larsen confirmed the donation to a political action committee (PAC) supporting Harris in an X post on October 21.
On October 22, Jeff Park, Bitwise’s head of alpha strategies, predicted that Bitcoin (BTC) could rally to $92,000 if former U.S. President Donald Trump wins the upcoming presidential election.
Implications for U.S. Leadership in Crypto
With the 2024 U.S. presidential election fast approaching, crypto policy has become a key topic of debate on social media.
Trump, who was once critical of Bitcoin, has since shifted to a more pro-crypto stance. He has pledged to remove SEC Chair Gary Gensler and position the U.S. as a global leader in cryptocurrency if he is re-elected.
Despite these promises, Consensys warns that the lack of supportive regulatory oversight could cause the U.S. to fall behind other countries that have already embraced blockchain technology.
