Originally published on: October 24, 2024
In the midst of increasing political and market uncertainties, Consensys, a leading blockchain firm, has penned an open letter to the future President of the United States calling for well-defined and supportive regulations regarding cryptocurrencies and Web3.
The letter, released on October 23rd, emphasizes the necessity of transparent regulatory frameworks that will not only enable the US to maintain its competitive edge globally but also address concerns related to consumer protection and illicit activities.
In light of the current volatility in the cryptocurrency market, with Bitcoin currently valued at around $67,500 after reaching a peak of over $70,000 in June, Consensys stresses the importance of regulatory clarity to foster the development of blockchain technology.
Consensys points out the lack of a comprehensive regulatory framework in the US despite the widespread adoption of decentralized platforms globally. This ambiguity in regulatory guidance, according to Consensys, leads to inconsistent enforcement measures and serves as a deterrent to innovation for businesses and developers.
This plea for regulatory certainty comes on the heels of Consensys’ legal battle against the US Securities and Exchange Commission, a case that was dismissed by a federal judge in Texas on September 19th.
The call for clear regulations coincides with political developments in the cryptocurrency sector, such as Ripple co-founder Chris Larsen’s generous donation of $10 million worth of XRP to Vice President Kamala Harris’s presidential campaign and Bitwise’s prediction of a potential BTC rally to $92,000 if former President Donald Trump secures reelection in November.
As the 2024 US presidential election draws closer, discussions around crypto policy have intensified on various social media platforms. While Trump, who was initially critical of Bitcoin, has shifted to a pro-crypto stance, promising to dismiss SEC Chair Gary Gensler and position the US as a leader in cryptocurrency, Consensys warns of the consequences of inadequate regulatory oversight that could cause the US to lag behind nations already embracing blockchain technology.
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