Tech Coalition Calls on Biden to Support Crypto Regulation Before US Presidential Election – Decrypt
The Chamber of Progress, a coalition within the tech industry, has urged President Joe Biden to back comprehensive crypto regulation as a crucial step in engaging young voters ahead of the upcoming U.S. presidential election.
In a letter issued on Tuesday, the chamber emphasized the increasing significance of digital assets to a large portion of the electorate, pointing out that over 18 million Americans currently hold or trade crypto.
The letter specifically noted the importance of digital assets to Gen Z and Millennial voters, as over 50% of these demographics support federal policies that promote the use of digital assets.
This call from the Chamber of Progress highlights the ongoing concern within the crypto community for clearer industry regulation as the U.S. presidential election in November approaches.
“We see this as a crucial moment for your administration to take the lead on an issue that resonates strongly with young voters,” stated Kyle Bligen, director of financial policy.
The chamber commended Biden’s 2022 Executive Order on Ensuring the Responsible Development of Digital Assets but criticized the current regulatory environment as uncertain and detrimental to both investors and innovation.
They highlighted the actions of Biden-appointed Securities and Exchange Commission Chairman Gary Gensler, whose approach to regulating digital assets under existing securities laws has faced legal challenges.
“Consumers have endured a period of regulatory uncertainty that has devalued their digital assets and limited their usefulness,” Bligen added.
The chamber cited recent legal battles against major crypto exchanges as examples of the SEC’s contentious stance.
Despite bipartisan backing in Congress for clearer regulatory frameworks, such as the recently passed Financial Innovation and Technology for the 21st Century Act, the chamber expressed disappointment in the administration’s opposition to these measures.
The letter also highlighted the political implications of crypto regulation in the upcoming election.
Former President Donald Trump has capitalized on the current administration’s unclear regulations, shifting his stance on crypto and positioning himself as a supporter of American technological leadership.
Trump has gained significant backing from crypto investors and entrepreneurs by promising a hands-off approach and ending the crackdown on the industry.
“With 18 million voters and an election on the line, now is the time to voice support for bipartisan progress in regulating digital assets,” Bligen concluded.
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