Blockchain company Consensys has published an open letter to the future president of the United States, demanding clear and supportive regulations for cryptocurrencies and Web3.

The letter was published on October 23 and emphasized the transparency of regulatory decisions so that the United States can remain globally competitive. At the same time, concerns about consumer protection and illegal activities were also addressed.

The cryptocurrency market is experiencing significant volatility in response to global events. Bitcoin is now worth about $67,500, having fallen from its peak of more than $70,000 in June.

Consensys noted that regulatory uncertainties in the US are hindering the development of blockchain technology. Despite the adoption of decentralized platforms on a global scale, the lack of a comprehensive regulatory framework was noted.

Consensys said this gap in regulatory guidance has led to inconsistent enforcement actions and discouragement of innovation for businesses and developers.

This request for regulatory clarity comes after the blockchain firm’s lawsuit against the U.S. Securities and Exchange Commission (SEC) was dismissed by a Texas federal judge on September 19.

Bitcoin’s price volatility has coincided with increased political activity in the cryptocurrency industry. Ripple co-founder Chris Larsen announced on October 21 that he donated $10 million worth of XRP to Vice President Kamala Harris’ presidential campaign. This donation was made to a political action committee (PAC) supporting Harris.

Bitwise’s head of alpha strategies, Jeff Park, predicted in a post on October 22 that Bitcoin could rise to $92,000 if former US President Donald Trump wins the presidency. With the 2024 US presidential election just weeks away, crypto politics has become the subject of intense discussion on social media.

Trump, who was once critical of Bitcoin, has now adopted a supportive stance towards cryptocurrencies. He promised to oust SEC Chairman Gary Gensler if he won the election and stated that he would make the United States a global leader in cryptocurrencies.

But despite the former president’s promises, Consensys’ warning of a lack of supportive regulatory oversight could risk the United States falling behind other countries adopting blockchain technology.

If the cryptocurrency industry cannot continue its development due to a lack of regulatory clarity, innovative opportunities may be lost and competitiveness may weaken. As crypto assets become increasingly accepted around the world, the US’s position in this field is of critical importance.