Regulation
House of Representatives Urges Biden to Support Crypto Regulation During 2024 Election
The Chamber of Progress, a technology industry trade association, has urged President Joe Biden to support comprehensive cryptocurrency regulation in the upcoming 2024 election.
In a letter to the president, the group proposed that a “crypto-friendly digital asset policy” could bolster Biden’s support among younger voters, citing statistics showing that more than 50% of Gen Z and Millennial voters favor federal policies that encourage the use of digital assets in the U.S.
The group warned that Biden’s current stance on cryptocurrency regulation could give his political opponent, Donald Trump, an edge. They criticized Biden for actions such as vetoing a resolution on SEC cryptocurrency rules and the FIT21 Act, which they said contributed to regulatory uncertainty in the cryptocurrency market.
According to letterFifty-two percent of voters believe more regulation of cryptocurrencies is needed, while one in five registered voters considers it an important election issue.
The House of Representatives has called on Biden to provide guidance on regulation before the November election. They also suggest that bipartisan efforts to regulate digital assets could help Biden fulfill his promise to work with lawmakers to enact appropriate legislation, potentially in tune with the 18 million Americans who own cryptocurrency.
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