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Chamber of Progress Urges Biden to Support Crypto Regulation Amid 2024 Election

Highlights:

  • Chamber of Progress urges Biden to back clear crypto rules to gain young voters’ support. 
  • Over 18 million Americans are in crypto, supported strongly by Gen Z and Millennials.
  • Biden’s regulatory uncertainty has harmed crypto investors and limited asset use.

In a July 9 letter, the tech trade group Chamber of Progress urged President Joe Biden to support comprehensive crypto regulation. The letter stressed the urgent need for clear and supportive digital asset policies amidst growing adoption and regulatory uncertainty.

Crypto-Friendly Policy Could Boost Biden’s Support Among Younger Voters

The group suggested that a ‘crypto-friendly digital assets policy’ could increase Biden’s support among younger voters. Citing statistics, the group noted that over 50% of Gen Z and Millennial voters support federal policies promoting digital asset use in the US. 

Kyle Bligen, Director of Financial Policy at the Chamber of Progress, argued that supporting comprehensive regulation could position the Biden Administration as a leader on an issue that strongly resonates with younger voters, who are crucial in the upcoming presidential election. Bligen said digital assets continue to gain popularity, and approximately one in five Americans have engaged in buying, trading, or using cryptocurrency. 

He also supported the Biden Administration’s past initiatives to promote crypto development and improve financial services. The letter mentioned that 40% of US investors plan to invest in crypto in the future, emphasizing the need for rules that protect consumers.

Bligen Criticizes SEC’s Unclear Regulatory Approach

Bligen criticized the current regulatory environment under SEC Chair Gary Gensler, saying it’s unclear and has slowed down both investors and industry growth. He pointed to recent lawsuits against major cryptocurrency exchanges as instances of the SEC’s contentious approach. Despite bipartisan support in Congress for clearer regulatory frameworks, such as the recently passed Financial Innovation and Technology for the 21st Century Act, the Chamber expressed disappointment with the administration’s opposition to these measures.

He said the lack of a clear regulatory path has allowed opponents, including former President Donald Trump, to take advantage. Recently, Trump has embraced crypto, presenting himself as a pro-crypto candidate. In recent weeks, several prominent figures in the industry have publicly supported the former President.

Bligen wrote:

“Former President Donald Trump has capitalized on the Administration’s lack of clarity to reverse his position on cryptocurrency and portray you as an opponent of American technological leadership and economic progress. 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 Chamber of Progress urged Biden to offer regulatory guidance before the November elections. They also suggest that bipartisan efforts to regulate digital assets could assist Biden in fulfilling his pledge to collaborate with lawmakers on enacting suitable legislation. 

Republican Party Vows to End ‘Crypto Crackdown’

The Republican Party, led by former President Donald Trump, has unveiled a new platform emphasizing strong support for crypto innovation, as revealed in a document released on Monday. This document outlines the party’s priorities for the November election. Republicans intend to halt what they see as Democrats’ unlawful crypto crackdown and oppose the creation of a CBDC. They also aim to defend Bitcoin mining rights, ensuring Americans can self-custody digital assets and transact without government surveillance.

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