TLDR
- The Chamber of Progress, a tech industry coalition, has urged President Biden to support comprehensive crypto regulation
- The group argues this could help engage young voters ahead of the US presidential election
- Over 18 million Americans currently hold or trade crypto, with high interest among Gen Z and Millennial voters
- The letter criticizes the current regulatory uncertainty under SEC Chairman Gary Gensler
- Former President Trump has positioned himself as pro-crypto, reversing his previous stance
As the 2024 U.S. presidential election approaches, the cryptocurrency industry is emerging as a potentially significant political issue.
The Chamber of Progress, a tech industry coalition, has called on President Joe Biden to support comprehensive crypto regulation, framing it as a crucial step to engage young voters and counter growing support for his likely opponent, former President Donald Trump.
In a letter sent to President Biden on July 9, the Chamber of Progress highlighted the increasing importance of digital assets to a significant portion of the electorate.
According to their data, over 18 million Americans currently hold or trade cryptocurrencies, with particular significance among Gen Z and Millennial voters. More than 50% of these demographics support federal policies that encourage the use of digital assets.
This week’s GOP platform takes a swipe at Democrats on crypto. But Biden still has an opportunity to win over the 18 million Americans who are holding or trading in digital assets.
Read our letter today to the Biden Administration:https://t.co/LW57QCR18t pic.twitter.com/eSpUDUFpTk
— Chamber of Progress (@ProgressChamber) July 9, 2024
Kyle Bligen, director of financial policy at the Chamber of Progress, wrote in the letter,
“We believe this presents a pivotal opportunity for your administration to lead on an issue that resonates strongly with young voters.”
The group argues that supporting clear and comprehensive regulation could position the Biden Administration as a leader on an issue that is becoming increasingly important to a key voting bloc.
The call for action comes amid growing criticism of the current regulatory landscape, which the Chamber describes as uncertain and potentially harmful to both investors and innovation.
The letter specifically points to the actions of Securities and Exchange Commission (SEC) Chairman Gary Gensler, a Biden appointee, whose approach to regulating digital assets under existing securities laws has faced numerous court challenges.
“Consumers have suffered through a period of regulatory uncertainty that has devalued the digital assets they hold and limited their utility,”
Bligen stated in the letter. Recent lawsuits against major crypto exchanges were cited as examples of the SEC’s contentious approach to the industry.
The Chamber of Progress praised Biden’s 2022 Executive Order on Ensuring the Responsible Development of Digital Assets but expressed disappointment in the administration’s opposition to bipartisan efforts in Congress to create clearer regulatory frameworks.
This includes the recently passed Financial Innovation and Technology for the 21st Century Act and the veto of H.J. Res. 109, both of which aimed to provide clearer guidelines and enhance consumer protections in the crypto market.
The political implications of crypto regulation in the upcoming election are becoming increasingly apparent. Former President Donald Trump, the presumptive Republican nominee, has capitalized on the current administration’s regulatory ambiguity by reversing his previous stance on crypto.
Trump now positions himself as a proponent of American technological leadership, vowing to take a hands-off approach and end what he calls a “crackdown” on the industry. This shift has garnered substantial support from crypto investors and founders.
The Republican National Committee, co-chaired by Trump’s daughter-in-law Lara, recently passed a draft of a policy platform that includes advocating for crypto and Bitcoin mining.
This move further solidifies the Republican Party’s embrace of crypto-friendly policies ahead of the election.
Despite these developments, the Chamber of Progress argues that President Biden still has an opportunity to win on the issue of cryptocurrency. “Although [Trump] has recently had a change of heart on cryptocurrency, you still have an opportunity to provide the regulatory clarity that voters are calling for,” the letter states.
The group suggests that supporting comprehensive regulation could not only engage young voters but also demonstrate leadership on a key technological and economic front.
With reports suggesting that Biden may be exploring the possibility of accepting crypto contributions for his reelection campaign and plans to attend a roundtable with congressional leaders to discuss digital assets, there may be signs of a potential shift in the administration’s approach.
This article was originally published by a blockonomi.com . Read the Original article here. .
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