Consensys writes to future US president: Clear regulation to promote crypto innovation
Regardless of the final election outcome, hindering encryption innovation is not good for the United States.
Original title: Consensys' Letter to the Future U.S. President on Crypto Regulation
Original source: Consensys
Original translation: Golem, Odaily Planet Daily
Editor's note: The final results of the 2024 US election will be announced on November 5. According to Polymarket's forecast market data, the current probability of Trump's election is 59.9%, and Harris's probability of election is 40%. The crypto industry is one of the groups that pays the most attention to the US election, because the president-elect's regulatory attitude and policy on cryptocurrencies will affect the development of the entire industry. Previously, many crypto companies were sanctioned by the US regulatory iron fist, including Binance, Coinbase, Uniswap, Consensys, etc.
Therefore, in this context, in order to improve the crypto regulatory environment, Consensys published a letter to the future US president in the Wall Street Journal, which not only called on policymakers to take action, but also called on American voters to take action. Odaily Planet Daily compiles the full text of the letter as follows for readers' reference.
Dear Mr./Ms. President:
We write to you with a clear belief that a vibrant, conducive environment for digital asset innovation is essential to the future of the U.S. economy and its global technological leadership.
Regardless of the outcome of the upcoming U.S. presidential election, we are deeply concerned about the approach taken by the United States in digital asset regulation and enforcement. Contrary to the false belief that this technology is unimportant or fleeting, blockchain and cryptocurrency have been welcomed across the United States (and the world), despite the lack of a regulatory framework in the United States and the frequent arbitrary and insincere enforcement actions against organizations that strictly abide by the law, which provides space for bad actors to thrive.
In order to stimulate innovation, create the next generation of Internet jobs in the United States, protect American investors and interests, and promote technological cooperation, we recommend that you take the following three necessary measures when considering the government's position on the blockchain industry and its millions of industry participants across the country.
Provide regulatory certainty and transparency, and avoid arbitrary or excessive enforcement against good actors
While some have been promoting the narrative that the blockchain industry is trying to evade all regulation, this is simply untrue. Nothing is more important to a thriving crypto ecosystem than a clear and workable regulatory framework that defines how intermediaries dealing with customers should operate.
However, the United States is notably absent clear executive action compared to other OECD member countries. In the absence of clear executive action, companies and developers are left in the dark, and are asked to defend the legality of their livelihoods in ad hoc enforcement actions when they are willing to comply with clear rules and regulations.
The next administration and its relevant regulators must work with Congress to clarify and ultimately provide pathways for lawful participation in the Web3 ecosystem. This will enable entrepreneurs to operate companies with confidence, make meaningful contributions to the United States, and usher in the next generation of Internet technology.
Promote greater consumer protection and guard against illegal activity
While illegal activity involving digital assets remains relatively low compared to traditional finance or cash itself, the decentralized nature of blockchain software does present new security challenges. Overcoming these issues will require increased education on the risks inherent in decentralized finance, public-private partnerships and information sharing, and greater global uniformity in regulating exchanges.
The great paradox is that blockchain technology itself is uniquely positioned to combat illicit finance. It offers the opportunity to improve data security, track criminal activity, and stop it at its source. The blockchain industry stands ready to work with the next president to explore how the U.S. government can harness this powerful technology and help protect against bad actors.
Incentivizing Continued Innovation in the Blockchain Space
We are at a crossroads in the global development of blockchain technology. The industry has the potential to lead us into the next phase of the internet, where content, identity, ownership, security, and accessibility are controlled by the users themselves. Any barriers to innovation will allow other countries, including some with hostile interests, to overtake us and trap the United States in a digital world ruled by others.
The next president must therefore do everything in his or her power to encourage the development of Web3 technologies, including creating research and development opportunities, reducing unnecessary bureaucratic barriers, and investing in infrastructure to support their development.
The fundamentals of crypto are also rooted in American values: individual freedom, economic opportunity, and privacy. The crypto industry’s role in driving progress, accountability, and fair access should be protected and nurtured by governing bodies. We respectfully urge you to adopt these critical steps to create a more hopeful future for these technologies and all those who rely on them for their livelihoods.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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