TLDR
- The Chamber of Progress, a tech industry coalition, has urged President Biden to support comprehensive crypto regulation.
- Over 18 million Americans currently hold or trade crypto, with Gen Z and Millennial voters showing strong support for crypto-friendly policies.
- The call for regulation comes as the U.S. presidential election approaches, with crypto becoming a significant election issue.
- The current regulatory landscape is criticized as uncertain and potentially harmful to investors and innovation.
- Former President Trump has positioned himself as pro-crypto, potentially giving him an advantage with crypto-supporting voters.
As the 2024 U.S. presidential election draws near, the Chamber of Progress, a tech industry group, has called on President Joe Biden to support comprehensive cryptocurrency regulation.
The group suggests that this move could help Biden connect with younger voters and address a growing election issue.
In a letter to the President, 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.
This number includes a large percentage of Gen Z and Millennial voters, with more than 50% of these demographics supporting federal policies that encourage the use of digital assets.
The tech coalition emphasized the political implications of crypto regulation in the upcoming election. They pointed out that about 20% of registered voters consider cryptocurrency regulation a major election issue. 52% of voters believe more cryptocurrency regulation is necessary.
The Chamber praised Biden’s 2022 Executive Order on Ensuring the Responsible Development of Digital Assets but criticized the current regulatory landscape.
They described it as uncertain and potentially harmful to both investors and innovation. The group specifically pointed to actions by Securities and Exchange Commission (SEC) Chairman Gary Gensler, whose approach to regulating digital assets under existing securities laws has faced numerous court challenges.
The letter expressed disappointment in the administration’s opposition to recent bipartisan efforts in Congress to create clearer regulatory frameworks. These efforts include the recently passed Financial Innovation and Technology for the 21st Century Act.
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
The Chamber argued that this opposition, along with other actions like vetoing a resolution related to SEC crypto rules, has contributed to regulatory uncertainty in the crypto market.
The tech coalition also drew attention to the potential political advantage this uncertainty might give to Biden’s rival, former President Donald Trump.
They noted that Trump has reversed his previous stance on crypto and is now positioning himself as a proponent of American technological leadership in this area.
Trump has gained support from crypto investors and founders by promising to take a hands-off approach and end what he calls a “crackdown” on the industry.
The Chamber of Progress urged Biden to provide guidance on regulation ahead of the November elections. They suggested that supporting bipartisan efforts to regulate digital assets could help Biden fulfill his pledge to work with lawmakers on enacting appropriate legislation.
This approach, they argued, could resonate with the estimated 50 million Americans who own cryptocurrencies.
The group’s letter also touched on the economic impact of regulatory uncertainty. They stated that consumers have suffered through a period where unclear regulations have devalued their digital assets and limited their utility.
Recent lawsuits against major crypto exchanges were cited as examples of the SEC’s contentious approach to the industry.
As the election nears, the Chamber of Progress sees an opportunity for Biden to lead on an issue that strongly resonates with young voters.
They believe that by supporting comprehensive crypto regulation, Biden could engage with a significant portion of the electorate while also addressing concerns about investor protection and innovation in the digital asset space.
