Consensys, a blockchain software company, has issued an open letter to the next US President, urging for clear regulations in the cryptocurrency industry. The company argues that the current approach of the government, which includes taking enforcement actions against law-abiding companies, is misguided. Consensys emphasizes the importance of a well-defined regulatory framework that outlines how intermediaries engaging with customers should operate. It states that while other countries have taken clear executive action, the United States has fallen behind in this regard. The letter calls for collaboration between Consensys, Congress, and the next administration to establish clear and definitive pathways for legitimate participation in the Web3 ecosystem.

Consensys highlights the need for the government to release clear guidelines to prevent the excessive targeting of legitimate participants in the industry. Additionally, it emphasizes the importance of providing financial security for consumers and encouraging innovation in order to keep pace with other nations. The next President is urged to support the development of Web3 technologies by fostering research and development opportunities, reducing bureaucratic hurdles, and investing in infrastructure to support its growth.

The open letter comes after Consensys was sued by the U.S. Securities and Exchange Commission (SEC) in June. The SEC alleged that Consensys’ Metamask wallet was acting as an unregistered securities broker and had engaged in the sales of securities for crypto staking protocols Lido and Rocket Pool. Consensys, therefore, calls for a regulatory framework that not only clarifies the rules but also avoids targeting legitimate actors in the industry.

Please note that the opinions expressed in this article are not investment advice, and investors should conduct their own due diligence before making any high-risk investments in Bitcoin, cryptocurrency, or digital assets. The Daily Hodl, where this article was originally published, does not recommend buying or selling any cryptocurrencies or digital assets and is not an investment advisor.