On October 23, Consensys, a leading company in the blockchain and Web3 industry, made a strong appeal for clearer digital asset regulations in the United States. This comes amid its ongoing lawsuit against the U.S. Securities and Exchange Commission (SEC), which Consensys accuses of regulatory overreach that hampers innovation. Clarissa Watson, the firm’s Editorial Lead, shared these sentiments in a blog post published on Wednesday, emphasizing the company’s commitment to defending Web3 developers’ right to innovate, regardless of geographical location.
Consensys has published an open letter in the Wall Street Journal, specifically addressed to the next President of the United States. In this letter, the company underscores the urgent need for a more defined and transparent regulatory landscape for digital assets, blockchains, and Web3 technologies. According to the firm, the lack of clarity from the SEC has been a major barrier, making it difficult for innovators to navigate the complex regulatory environment without risking compliance issues.
Consensys calls for “smart, clear, and empowering regulation” that balances consumer protection with the encouragement of innovation. It argues that this is essential for the U.S. to maintain its position as a leader in digital technology and the evolving global economy. The company advocates for policies that not only safeguard consumers but also support the developers who are shaping the future of digital finance.
Earlier this year, Consensys initiated a legal challenge against the SEC, criticizing the regulator’s ambiguous stance and frequent enforcement actions that the company believes have a chilling effect on the industry. According to Consensys, the current regulatory ambiguity creates an environment of uncertainty that stifles innovation and limits the potential for blockchain technology to contribute to economic growth.
The ongoing lawsuit aims to establish a clearer framework for digital assets, addressing what Consensys sees as excessive regulatory control. The company has highlighted that a more supportive regulatory environment would provide the needed guidance for both established firms and startups in the Web3 space, fostering a healthier ecosystem.
Beyond addressing the policymakers, Consensys is urging the American public to become more engaged in the discussion around digital asset regulation. The company emphasizes that voter awareness and participation will be crucial in shaping a regulatory framework that accommodates innovation while ensuring security. Consensys believes that this is not just a matter for the courts but a societal issue that requires collective action from all stakeholders.
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