Regulation
President Joe Biden Urged to Push Crypto Regulation Ahead of 2024 Election
With more than 18 million Americans investing in cryptocurrency, a Washington-based tech industry coalition called The Chamber of Progress is urging President Joe Biden to support bipartisan crypto-friendly policies to win more young voters.
Citing the “pivotal moment” of the US election cycle, the House of Progress is considering whether the Biden administration should support “comprehensive cryptocurrency regulation” ahead of a bitcoin roundtable this month to secure the votes of Gen Y and Z voters.
“Over 50 percent of those age groups [support] a federal policy that encourages the use of digital assets in the United States,” the coalition said in a letter addressed to President Biden on Tuesday.
The Chamber of Progress cited the survey data claiming that more than half of voters believe the United States needs to introduce more regulation on cryptocurrencies, in addition to the fact that 1 in 5 voters See Cryptocurrency regulation is “a major voting issue” in the 2024 election.
“Given your Administration’s rejection of these legislative proposals, investors and industry participants remain uncertain about the regulatory framework for digital assets,” the coalition said. “And your political opponent has taken note.”
“Former President Donald Trump exploited the administration’s lack of clarity to reverse his stance on cryptocurrency and paint you as an opponent of American technological leadership and economic progress. He pledged to court the cryptocurrency vote and reportedly raised millions from founders and investors,” the coalition warned.
However, the coalition reassured Biden that his campaign could still “win” by extending regulatory clarity to the cryptocurrency sector.
Coalition partners include Coinbase, the largest cryptocurrency exchange in the United States, Circle, the issuer of the popular stablecoin USDC, Ripple, the company behind the Ripple token, and Meta, which previously worked on an abandoned stablecoin project known as Libra and then Diem.