On October 23, Consensys, a leading blockchain and Web3 company, made a strong call for clearer regulation of digital assets in the United States. This comes amid the ongoing lawsuit against the U.S. Securities and Exchange Commission (SEC), which Consensys accuses of regulatory overreach that hinders innovation. Clarissa Watson, the company’s editorial manager, echoed these sentiments in a blog post published Wednesday, emphasizing the company’s commitment to defending the right of Web3 developers to innovate, regardless of their geographic location.
Consensys published an open letter in the Wall Street Journal, specifically addressed to the next President of the United States. In this letter, the company highlights the urgent need for a more defined and transparent regulatory landscape for digital assets, blockchains and Web3 technologies. According to the company, a lack of clarity from the SEC has been a major obstacle, making it difficult for innovators to navigate a complex regulatory environment without risking compliance issues.
Consensys calls for “smart, clear and empowering regulation” that balances consumer protection and encouraging innovation. He says this is essential for the United States to maintain its leadership position in digital technology and in a changing global economy. The company advocates for policies that not only protect consumers, but also support developers who are shaping the future of digital finance.
Earlier this year, Consensys launched a lawsuit against the SEC, criticizing the regulator’s ambiguous stance and frequent enforcement actions that the company says have a chilling effect on the industry. According to Consensys, current regulatory ambiguity creates an environment of uncertainty that stifles innovation and limits the potential of blockchain technology to contribute to economic growth.
The current lawsuit aims to establish a clearer framework for digital assets, addressing what Consensys considers excessive regulatory oversight. The company emphasized that a more favorable regulatory environment would provide the necessary guidance to established companies and startups in the Web3 space, thereby fostering a healthier ecosystem.
Beyond speaking to policymakers, Consensys urges the American public to become more involved in the debate over digital asset regulation. The company emphasizes that voter awareness and participation will be crucial in shaping a regulatory framework that accommodates innovation while ensuring safety. 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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