Consensys Partners with Axios to Convene Crypto Policy Event in Washington, D.C.

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Yesterday, Consensys proudly partnered with Axios to convene top policymakers, industry leaders, media figures, and influential crypto voices for a discussion in Washington D.C. on the evolving legislative and regulatory landscape around blockchain technology. We believe promoting conversations like these is critical for working towards regulatory clarity while ensuring that the U.S. remains a global leader in technology.

In a series of fireside chats, attendees heard from speakers across the political and ideological spectrum—including Senator Kirsten Gillibrand (D-NY) and Representative Tom Emmer (R-MN)—on this critical moment for the industry, breaking down the state of play for crypto on Capitol Hill and laying out what’s at stake in the upcoming elections. Consensys CEO and co-founder of Ethereum Joseph Lubin also took the stage to provide a builder’s perspective, sharing his thoughts on the continued need for U.S. leadership to protect consumers and builders in Web3, and promote America’s economic development and democratic interests.

Rep. Emmer, who also serves as the House Majority Whip and a member of the House Financial Services Committee, opened on the evolving landscape of cryptocurrency regulation and its potential future in Congress. A longtime vocal proponent for crypto, Rep. Emmer expressed optimism about the likelihood of Congress advancing bipartisan legislation in the near future. He noted progress “will be driven by a diverse group of people from across the political spectrum," and that “we’ve got champions over in the Senate in both the Democrat conference and the Republican conference,” emphasizing that the push for modernized crypto policy transcends party affiliations.

Addressing the current administration's stance on crypto, Rep. Emmer was critical of the regulatory approach taken by the U.S. Securities and Exchange Commision (SEC) under Chair Gary Gensler. "Gary Gensler at the SEC, he should be fired," 

he said, charging Gensler with going "against his mission" and making it difficult for Americans to access digital assets. Rep. Emmer wrapped up by highlighting the importance of a more supportive regulatory environment, noting "this is the on-ramp for so many people, people of color, people that are trying to do remittances," to emphasize the role crypto can play in financial inclusion.

When Consensys CEO Joseph Lubin took the stage, he highlighted how the maturation of decentralized protocols, including blockchain, have brought us to a "sensitive and dynamic moment in history." Lubin explained that blockchain technology, starting with Bitcoin and evolving through Ethereum, has flipped traditional structures of trust on their head. 

"The world has operated top-down command and control through intermediaries," he said, pointing out that systems have historically relied on centralized databases controlled by authorities. However, blockchain offers a new paradigm where trust is distributed. "We can re-architect the systems of the world on sounder trust foundations," said Lubin, underscoring the ability of blockchain technologies to allow direct access and use of data without the need for centralized intermediary.

On the regulatory front, Lubin called for a more nuanced and supportive regulatory approach, advocating for the U.S. to enable “an open-minded, fostering, nurturing environment so that we can explore the different dimensions of the technology and the implications of what it will do.” 

Striking a cautionary note, Lubin warned that if the U.S. fails to embrace such an approach to Web3 technologies, "it's going to be terrible for innovators in this ecosystem and in this country," comparing the current moment to the dawn of the early Internet. "America won the Internet. America won the web," he said, emphasizing that the United States' open approach to the early Internet allowed it to become a global leader. Lubin concluded with a call to action, urging policymakers to “turn this into an American discussion rather than a partisan discussion,” and work together to ensure that the U.S. remains at the forefront of the Web3 revolution.

Sen. Gillibrand spoke next, emphasizing her role in advancing crypto legislation on Capitol Hill and joining calls for bipartisan cooperation. “I think it is a bipartisan issue and I think we all agree that we want a very positive ecosystem for growth and for investment—but also for consumer protection, also for safety and soundness, also for competitiveness internationally.”

Sen. Gillibrand underlined the need to create policies that encourage the Web3 industry to grow, both in her home state of New York and in the U.S. "We want the United States to be the best jurisdiction to be a crypto company, to be a blockchain innovator, and that’s the work that has to be done," she said.

Sen. Gillibrand also highlighted the value of convening events to advance these policy debates and continue to educate lawmakers and their staff: “I think it's also important that people come to Washington to come to conferences like this so you can hear from your lawmakers about what's likely and what's possible. I think making sure your senators and your states know what your industry is, what your businesses are, what your business plan is, how it works. It's really important because when they're aware of what you're doing and why you're doing it, they're much more likely to get excited about it and want to create a regulatory environment where there are companies in their state that will thrive.”

Consensys will continue to lead conversations about how U.S. leadership is needed in Web3 to protect consumers and builders, while promoting economic development and democratic interests. Consensys is mobilizing alongside the crypto industry, to work with lawmakers and regulators to enable sensible regulation that will allow our industry to flourish. Learn more here.