Consensys Pursues Regulatory Clarity to Ensure the U.S. Remains at the Forefront of the Web3 Revolution
Consensys is continuing to push for a productive regulatory framework for the blockchain industry. Without it, an entire sector that serves as the backbone of countless new innovations in the United States cannot do what it is designed to do: drive society forward.
An effective regulatory framework will:
- Provide pathways for legitimate participation in the web3 economy
- Promote competitiveness, growth, and investment
- Ensure the U.S. remains a global leader in technological innovation
Consensys litigated against the SEC in April 2024 to defend the U.S. web3 ecosystem and its software developers from the agency’s overzealous regulatory overreach. Meaningful progress has been made, but the fight is far from over. The country is at a critical juncture where policymakers must act swiftly to ensure the protection of U.S. economic development and democratic interests.
This is not a partisan discussion. It is an American discussion, about how the government must engage industry to ensure the U.S. remains at the forefront of the web3 revolution, just as its open approach to the early Internet allowed it to become a global leader.
Bipartisan Support for American Web3 Leadership Continues to Grow, Placing it Firmly on the Political Agenda
“When we talk about digital assets and crypto, this will be driven by a diverse group of people from across the political spectrum.”
“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, safety and soundness, and competitiveness internationally.”
“What we really need is 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... and it will be very transformative of society...”
JOE LUBIN, CO-FOUNDER OF ETHEREUM AND FOUNDER/CEO OF CONSENSYS
New Study Reveals Importance of Pro-Crypto Policy
In October 2024, Consensys and global market research and data analytics group HarrisX released a study highlighting the evolving views of U.S. voters on blockchain and crypto.
Bottom line:
- The crypto electorate is growing and engaged: 19 of U.S. voters own crypto, and 92% of crypto owners plan to vote.
- No party has a monopoly over crypto voters: 85% of crypto voters are expecting candidates to adopt pro-crypto positions, and 40% of voters would cross party lines if a candidate expresses pro-crypto views.
- Supporting pro-crypto policies is a key consideration for voters: 50% of voters say it is important for a candidate to support pro-crypto policies, including 85% of crypto voters.
- The U.S. government isn’t doing enough to grow the cryptocurrency industry: a view held by 44% of voters.
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Consensys brought litigation against the SEC in April 2024, fighting hard to secure a productive regulatory framework for crypto and web3. The industry has seen some notable wins since then, including the ETH ETF approval and the end of the Ethereum 2.0 investigation. However, the SEC has fought back by bringing a legal case against Consensys in New York. We will not stop advocating for our industry and the regulatory clarity that we and our peers so right deserve.
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