Regulation
House of Progress Urges Biden to Support Cryptocurrencies Ahead of Growing Adoption
The Chamber of Progress, a major tech sector coalition, urged the President Joe Biden to support comprehensive regulation of cryptocurrencies in a open letter sent on July 9th.
The letter, authored by the Chamber of Progress’s director of financial policy, Kyle Bligen, highlighted the urgent need for clear and supportive policies on digital assets amid growing adoption and regulatory uncertainty.
Critical issue in upcoming elections
Bligen noted that 18 million Americans are currently involved in cryptocurrency trading or ownership, and a significant percentage of Gen Z and Millennial voters support federal policies to encourage the use of digital assets.
He argued that supporting comprehensive regulation could position the Biden administration as a leader on an issue that is close to the hearts of younger voters, who are key in the upcoming presidential election.
He wrote:
“Every day, more Americans are interacting with digital assets. Nationwide, one in five Americans has purchased, traded, or used cryptocurrency.”
Bligen supported the Biden administration’s previous efforts to promote cryptocurrency development and improve financial services and said
The letter also notes that 40% of U.S. investors plan to invest in cryptocurrencies in the future, highlighting the need for a regulatory framework that protects consumers and promotes market clarity.
Criticisms
Bligen criticized the current regulatory environment under SEC Chairman Gary Gensler, describing it as characterized by “regulatory ambiguity” that has hindered both investors and industry growth.
The Chamber of Progress expressed disappointment with the administration Bipartisan Opposition to Crypto Measuresincluding the recent veto of H.J. Res. 109 and resistance to the Financial Innovation and Technology for the 21st Century Act.
Both legislative efforts aimed to provide clearer regulatory guidelines and improve consumer protection in the cryptocurrency market. Bligen stressed that failure to establish a clear regulatory path allowed political opponents, including former president Donald Trumpto take advantage of the issue.
Trump has recently changed position on cryptocurrencies, positioning himself as a pro-cryptocurrency candidate and gaining support from the tech and investor communities. The former President has obtained growing support in the industry in recent weeks, with several prominent figures publicly supporting him.
Despite the current landscape, Bligen urged President Biden to seize the opportunity to lead the way in digital asset regulation. He said:
“In the months leading up to the November elections, you can make good on your promise to work with Congress to develop digital assets legislation that includes adequate safeguards for consumers and investors, while creating the conditions necessary for innovation.”
The House of Progress letter concluded with a call for bipartisan progress on digital asset regulation, casting it as a key issue in the upcoming election and an opportunity for the Biden administration to demonstrate leadership on a key technology and economic front.