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Consensys advocates for regulatory clarity in blockchain, emphasizing consumer protection, combating illicit activities, and encouraging innovation for economic growth.
Key Notes
Consensys says regulatory clarity is essential for fostering legitimate blockchain activities and promoting economic growth.The company noted that consumer education and public-private partnerships are vital to combat illicit activities.ConsenSys urges the president to reduce bureaucratic hurdles and invest in blockchain infrastructure.Blockchain and Web3 software company Consensys has sent an open letter to the next US president. The letter discusses the importance of having rules that support new technologies and suggests ways to encourage innovation while keeping consumers safe.
The blockchain company listed three key points the next president must address when considering their stance on the blockchain and Web3 space.
Regulatory Certainty and Transparency
Consensys clears up misunderstandings about cryptocurrency, stating that blockchain supporters don’t want to avoid rules. The company emphasizes that good regulations are key to the growth of crypto and will help exchanges and wallet providers better serve their customers.
The blockchain company admonished the next administration to provide clear pathways for legitimate participation in the Web3 ecosystem. The firm noted that such clarity will allow entrepreneurs to operate confidently and make meaningful contributions to the US economy. They said:
“The next administration and its regulatory agencies must provide — with clarity and finality — pathways for legitimate participation in the web3 ecosystem. This will allow entrepreneurs to operate confidently, contribute meaningfully to the US economy, and usher in the next generation of internet technology.”
Enhancing Consumer Protection and Combating Illicit Activity
The web3 platform also mentioned illicit activities in the crypto space. They stated that in-depth education on the risks inherent in decentralized finance and the establishment of private-public partnerships will be required to combat these issues.
Blockchain technology can also be used to wage war against illicit finance, as it provides the opportunity to improve data security, track criminal activities, and disrupt their source. Consensys stated that the industry is ready to partner with the next US president to use the technology to its advantage in fighting against bad actors.
Encouraging Ongoing Innovation
The company warned that the US is at a key moment for Web3. Hence, blocking innovation could allow rival countries to get ahead in the digital revolution.
They stressed that it is essential for the next president to encourage the development of technology, promote research, remove complicated rules that slow progress, and invest in the tools and systems needed to help it advance. They said:
“Thus, the next president must do everything in his or her power to encourage web3 technological development, including by fostering opportunities for research and development, reducing unnecessary bureaucratic hurdles, and investing in infrastructure to support its evolution.”
Aligning with American Values
Consensys says cryptocurrency reflects key American values like freedom, opportunity, and privacy. They urge the government to support the industry’s progress and fairness. Following the letter’s advice, the next president can help secure a better future for blockchain and its users.
“The foundational elements of crypto are built around deeply American values: personal freedom, economic opportunity, and privacy. The industry’s commitment to advancing progress, accountability, and equitable access should be protected and nurtured by its governing bodies. We respectfully urge you to adopt these key imperatives, driving a more hopeful future for these technologies and all those whose livelihoods depend upon them,” Consensys stated.
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Temitope is a writer with more than four years of experience writing across various niches. He has a special interest in the fintech and blockchain spaces and enjoy writing articles in those areas. He holds bachelor's and master's degrees in linguistics. When not writing, he trades forex and plays video games.
