The original text is from Consensys

Translation | Odaily Planet Daily Golem (@web3golem)_

Editor’s Note: The final results of the 2024 U.S. presidential election will be announced on November 5. According to Polymarket prediction market data, the current probability of Trump being elected is 59.9%, while Harris is at 40%. The crypto industry is one of the groups most concerned about the U.S. election, as the elected president's stance and policies on cryptocurrency regulation will impact the entire industry's development. Previously, many crypto companies have faced strict sanctions from U.S. regulators, including Binance, Coinbase, Uniswap, and Consensys.

In this context, to improve the crypto regulatory environment, Consensys published a letter to the future U.S. president in the Wall Street Journal, calling for policymakers to take action and urging American voters to do the same. Odaily Planet Daily has fully translated the letter for readers' reference.

Dear Mr./Ms. President:

We write to you with a clear belief: a vibrant environment conducive to digital asset innovation is crucial for the future of the U.S. economy and its global technological leadership.

Regardless of the outcome of the upcoming U.S. presidential election, we are deeply concerned about the approach the U.S. takes regarding digital asset regulation and enforcement. Contrary to the mistaken belief that this technology is unimportant or fleeting, blockchain and cryptocurrency have gained popularity across the U.S. (and the world), despite the lack of a regulatory framework in the U.S., and the often arbitrary and insincere enforcement actions against organizations that strive to comply with the law, which creates a breeding ground for bad actors.

To incentivize innovation, create next-generation internet jobs in the U.S., protect American investors and interests, and promote technological collaboration, we recommend that you take the following three necessary measures when considering the government's stance on the blockchain industry and its millions of participants nationwide.

Provide Regulatory Certainty and Transparency, Avoid Arbitrary or Excessive Enforcement Against Good Actors

While some have been promoting the idea that the blockchain industry is trying to evade all regulation, this is entirely untrue. Nothing is more important for a thriving crypto ecosystem than a clear and workable regulatory framework that should define how intermediaries dealing with customers should operate.

However, compared to other OECD member countries, the U.S. clearly lacks explicit administrative action. Without clear administrative action, companies and developers are left in the dark, being asked to defend the legitimacy of their livelihoods in temporary enforcement actions when they are willing to comply with clear rules and regulations.

The next government and its relevant regulatory agencies must work with Congress to clarify and ultimately provide a legitimate pathway for participation in the Web3 ecosystem. This will enable entrepreneurs to operate their businesses with confidence, make meaningful contributions to the U.S., and usher in the next generation of internet technology.

Promote Greater Consumer Protection and Prevent Illegal Activities

While illegal activities involving digital assets remain relatively low compared to traditional finance or cash itself, the decentralized nature of blockchain software does present new security challenges. Overcoming these issues requires enhanced education about the inherent risks of decentralized finance, public-private partnerships, and information sharing, as well as achieving greater global uniformity in regulating exchanges.

A significant paradox is that blockchain technology itself has unique advantages in combating illegal finance. It offers opportunities to improve data security, track criminal activities, and prevent crime at its source. The blockchain industry is ready to collaborate with the next president to explore how the U.S. government can leverage this powerful technology and help prevent bad actors.

Incentivize Continued Innovation in the Blockchain Space

We are at a crossroads in the global development of blockchain technology. The industry has the potential to lead us into the next phase of the internet, where content, identity, ownership, security, and accessibility will be controlled by the users themselves. Any barriers to innovation will allow other countries (including some with hostile interests) to surpass us and leave the U.S. trapped in a digital world dominated by others.

Therefore, the next president must do everything possible to encourage the development of Web3 technology, including creating research and development opportunities, reducing unnecessary bureaucratic obstacles, and investing in infrastructure to support its growth.

The fundamental elements of crypto are also rooted in American values: personal freedom, economic opportunity, and privacy. The role of the crypto industry in driving progress, accountability, and fair access should be protected and nurtured by regulators. We respectfully urge you to adopt these key measures to create a more hopeful future for these technologies and for all those who rely on them for their livelihoods.

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