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Blockchain company, Consensys, has called on the next US president for clearer and more crypto-friendly laws due to growing political unrest and volatile markets. They argue that clear laws could help the US stay competitive, protect consumers, and address illegal uses. The absence of a regulatory framework, according to Consensys, stifles the advancement of blockchain. The company has previously filed a lawsuit against the US Securities and Exchange Commission though it was dismissed. As the 2024 US Presidential Elections approach, cryptocurrency and its regulation continue to gain attention, with Consensys stressing the necessity of clear regulations for the US to keep up with other countries.

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Consensys, a major blockchain company, has written an open letter to the next president of the United States asking for clearer and more crypto-friendly laws. This comes amidst political unrest and market unpredictability and calls for a more open approach to blockchain rules in the US.

The letter explains that clearer laws could help the US stay competitive while also protecting consumers and addressing issues with illegal use. The request comes at a time when cryptocurrencies like Bitcoin are seeing huge price shifts. For example, Bitcoin, which hit over $70,000 back in June, is now worth around $67,500.

Consensys argues that the US’s unclear regulatory rules are stopping the progression of blockchain technology. They have highlighted that there’s no complete framework in place even though decentralized platforms are globally used. They believe this lack of clear guidance can lead to random enforcement actions and discourage innovation.

This isn’t the first time Consensys has tried to tackle this issue. In fact, they filed a lawsuit against the US Securities and Exchange Commission which was later dismissed.

In other news, Bitcoin’s price swings are happening in tandem with more political involvement in the crypto world. Chris Larsen, Co-Founder of Ripple, just gifted $10 million worth of XRP to Vice President Kamala Harris’ campaign for Presidency. Jeff Park, from Bitwise, also predicted Bitcoin could go up to $92,000 if Donald Trump becomes president again.

As the 2024 US Presidential Elections approach, crypto policy is a hot topic online. Ex-President Donald Trump, who once criticized Bitcoin, is now openly supporting it and even promised to make the US a leader in crypto if he wins.

Regardless of what happens, Consensys emphasized the importance of clear and supportive regulations to prevent the US from lagging behind countries already using blockchain technology.

Source: Cointelegraph