Consensys urges clear crypto rules in open letter to US leaders

Blockchain firm Consensys has issued an open letter to the next U.S. president, calling for clear and supportive regulations for cryptocurrencies and Web3.  

The letter, published on October 23, highlights the importance of regulatory transparency to maintain the U.S.’s global competitiveness while protecting consumers and addressing illicit activity concerns.  

Consensys emphasised that the current lack of comprehensive regulatory frameworks in the U.S. creates uncertainty, discourages innovation, and leads to inconsistent enforcement actions.  

The firm’s plea arrives amid growing political and market tensions, with Bitcoin (CRYPTO:BTC) experiencing price fluctuations driven by global events.  

As of now, BTC is valued around $67,500, down from a peak of over $70,000 in June.  

The blockchain company’s call for clearer regulations follows a recent legal setback.  

A Texas federal judge dismissed Consensys’ lawsuit against the U.S. Securities and Exchange Commission (SEC) on September 19.  

The firm had challenged the SEC’s regulatory approach, arguing it lacked sufficient guidance for the sector.  

The intersection of politics and crypto regulation is increasingly in the spotlight as the 2024 U.S. presidential election approaches.  

Notably, Ripple (CRYPTO:XRP) co-founder Chris Larsen recently donated $10 million worth of XRP to support Vice President Kamala Harris’ campaign, reflecting growing political involvement within the crypto space.  

On the other side, former President Donald Trump, now taking a pro-crypto stance, has pledged to fire SEC Chair Gary Gensler and position the U.S. as a global leader in cryptocurrency if re-elected.