Regulation
House Progress Urges Biden to Support Cryptocurrency Regulation in 2024 Election
The House of Progress, a tech industry group, has urged President Joe Biden to support comprehensive regulation of cryptocurrencies in the upcoming 2024 election.
In a letter to the president, the group suggested that a “pro-crypto asset policy” could boost Biden’s support among younger voters. Citing statistics showing that more than 50% of Gen Z and millennial voters support 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 advantage. They criticized Biden for actions such as vetoing a resolution related to SEC cryptocurrency rules and the FIT21 Act, which they said have contributed to regulatory uncertainty in the cryptocurrency market.
According to letter52% of voters believe stricter regulation of cryptocurrencies is needed, and one in five registered voters consider it an important election issue.
The House Progress called on Biden to provide guidance on regulation before the November election. It further suggests that bipartisan efforts to regulate digital assets could help Biden deliver on his promise to work with lawmakers to enact appropriate legislation that would resonate with the 18 million Americans who own cryptocurrencies.
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