Regulation
Tech Group Urges Biden to Seize ‘Opportunity’ in ‘Positive’ Crypto Regulation Ahead of Election
KEY POINTS
- House of Representatives Believes Biden Can ‘Still Win’ on Cryptocurrency by Advocating ‘Positive’ Regulation
- He warned that Trump has already taken advantage of the administration’s coercive approach
- The group noted that cryptocurrencies are a particularly important issue for Gen Z and Millennial voters.
A tech coalition has urged US President Joe Biden to push through “positive” legislation for the cryptocurrency sector ahead of the November election.
The call from the Chamber of Progress, a U.S. trade association representing tech companies across the country, comes after Biden refused to drop out of the presidential race despite a lackluster performance in the first presidential debate where cryptocurrency was excluded from the debate.
A snub to the emerging sector
Both Biden and Republican presidential frontrunner Donald Trump he did not mention the cryptocurrency industry during their first debate late last month. As a result, a memecoin based on independent candidate Robert F. Kennedy Jr., $BOBBY, saw a 9.5% spike on debate night. Kennedy Jr. is a well-known proponent of Bitcoin, the world’s largest digital asset by market cap.
A loss, at least in the “vocal” aspect
Former President Trump has at least taken some steps to express his support for the burgeoning sector in recent months. He has mentioned cryptocurrency multiple times at previous rallies and other events. Biden, on the other hand, has yet to vocally embrace the sector.
There have been reports that the incumbent president’s campaign has reached out to major industry players to discuss politicsIt is unclear how the discussions ended.
A potential “opportunity”
The Chamber of Progress, which works with some of the world’s “big tech” giants like Apple and Google, said in a letter to the President on Tuesday that he has “the opportunity to support comprehensive cryptocurrency legislation.”
“Support for a crypto-positive digital asset agenda would give your administration the ability to lead on an issue that young voters identify with. For the 19 million Americans who currently hold or trade cryptocurrency, passing bipartisan digital asset regulations is at the heart of this cycle,” the coalition said.
The group reiterated that cryptocurrency is an “extremely” important issue for Millennial and Gen Z voters.
A statement supported by data
A Recent Grayscale – Harris Poll survey showed that 62% of Gen Z and Millennial voters are more likely to agree that “crypto and blockchain technologies are the future of finance.”
A large number of Gen Z and Millennial voters believe that cryptocurrencies and blockchain are the “future of finance.” Election 2024: The Role of Cryptocurrencies Grayscale and The Harris Poll
The survey also found that 82% of Millennials and 85% of Gen Z voters are more likely to agree that “it is critical that political leaders work to create frameworks and rules that enable financial inclusion and investor protections.”
Majority of Gen Z and Millennial Voters Want Regulatory Framework for Cryptocurrency Industry. Election 2024: The Role of Grayscale and The Harris Poll Crypto Survey
A necessary call
The House noted that it supports the President’s 2022 Executive Order on Responsible Development in the Cryptocurrency Industry. However, the group said that “consumers have suffered during a period of regulatory uncertainty” under the Biden administration.
Specifically, the House said that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has become the poster child for a “lax enforcement regime” that has only led to more confusion for cryptocurrency consumers and investors, rather than clarity.
A dire warning
The group went on to highlight how Trump’s campaign “exploited the administration’s lack of clarity.” The former president has apparently changed his stance on Bitcoin and the broader digital asset sector and expressed a commitment to “courting the cryptocurrency vote,” the House said.
Several cryptocurrency industry leaders have already expressed their support for Trump, including the Winklevoss twins and Cathie Wood, CEO of ARK Invest, which launched a spot Bitcoin exchange-traded fund (ETF) with 21Shares.
A wake-up call
“This issue can still be won,” wrote Kyle Bligen, the House financial policy director. “In the months leading up to the November elections, we can make good on our promise to work together” with Congress to develop comprehensive cryptocurrency legislation that includes the necessary protections to protect investors while ensuring the conditions are in place for continued innovation, he added.