Regulation
President Joe Biden urged to support cryptocurrency regulation ahead of 2024 election
As more than 18 million Americans invest in cryptocurrency, a Washington-based tech industry coalition called The Chamber of Progress is urging President Joe Biden to support bipartisan pro-crypto policies to garner more young votes.
Citing the “pivotal moment” in the U.S. election cycle, the House of Progress envisions the Biden administration supporting “comprehensive regulation of cryptocurrencies” ahead of a bitcoin roundtable this month to protect the votes of millennial and Gen Z voters.
“More than 50 percent of these age groups [support] “A federal policy that encourages the use of digital assets in the United States,” the coalition said in a statement. letter addressed to President Biden on Tuesday.
Survey cited by the Chamber of Progress data stating that more than half of voters believe more rules on cryptocurrencies should be introduced in the United States, as well as the fact that one in five voters see Cryptocurrency regulation will be “a major electoral issue” in the 2024 elections.
“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 notice.”
“Former President Donald Trump took advantage of the administration’s lack of clarity to reverse his position on cryptocurrencies and portray you as an opponent of American technological leadership and economic progress. He pledged to court the vote on cryptocurrencies 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 crypto industry.
Coalition partners include Coinbase, America’s largest cryptocurrency exchange; Circle, issuers of the popular USDC stablecoin; Ripple, the company behind the Ripple token; and Meta, which previously worked on an abandoned stablecoin project known as Libra and then Diem.