Regulation
Tech group urges Biden to seize ‘opportunity’ for ‘positive’ cryptocurrency regulation before election
KEY POINTS
- House Progress Says Biden Can ‘Still Win’ on Cryptocurrency by Backing ‘Positive’ Regulation
- He warned that Trump had already taken advantage of the administration’s coercive approach
- The group noted that crypto is a particularly important issue for Gen Z and millennial voters.
A tech coalition has urged US President Joe Biden to push for “positive” legislation for the crypto industry ahead of the November election.
The call from the House of Progress, a U.S. trade group that represents technology companies across the country, comes after Biden refused to drop out of the presidential race despite an unimpressive performance in the first presidential debate where cryptocurrency was left out.
A snub for the emerging sector
Biden and Republican presidential frontrunner Donald Trump did not mention the crypto industry during their first debate late last month. As a result, a memecoin based on independent candidate Robert F. Kennedy Jr., $BOBBY, surged 9.5% on the night of the debate. Kennedy Jr. is a known advocate for Bitcoin, the world’s largest digital asset by market capitalization.
A loss – at least on the “vocal” level
Former President Trump has at least taken some steps to express his support for the booming sector in recent months. He has mentioned crypto several times at previous rallies and other events. Biden, on the other hand, has yet to openly express his support for the industry.
The outgoing president’s campaign has reportedly contacted key industry players to discuss politicsIt is not clear exactly how the discussions ended.
A potential “opportunity”
The Chamber of Progress, which partners with some of the world’s “big tech” giants such as Apple and Google, said in a statement: letter The US president said on Tuesday that he had “the opportunity to support comprehensive crypto legislation.”
“Supporting a crypto-positive digital asset agenda would give your administration a chance to take the lead on an issue that young voters identify with. For the 19 million Americans who currently hold or trade cryptocurrencies, 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 to millennial and Gen Z voters.
A statement supported by data
A recent grayscale poll – The Harris Poll investigation showed that 62% of Gen Z and Millennial voters are more likely to agree that “crypto and blockchain technology 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 Survey by 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 “imperative that political leaders work to create frameworks and rules that enable financial inclusion and investor protection.”
Majority of Gen Z and Millennial Voters Want Regulatory Framework for Cryptocurrency Industry Election 2024: Grayscale and The Harris Poll on the Role of Cryptocurrencies
A necessary call
The Chamber stressed that it supports the president’s 2022 executive order on the responsible development of the cryptocurrency sector. However, the group said that “consumers have suffered from a period of regulatory uncertainty” under the Biden administration.
In particular, the Chamber said that U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler has become the symbol of a “fragile enforcement regime” that has only brought more confusion to consumers and cryptocurrency investors instead of providing more clarity.
A dire warning
The group went on to highlight how Trump’s campaign “capitalized on the administration’s lack of clarity.” The former president has apparently changed his mind about Bitcoin and the broader digital asset sector and expressed a commitment to “courting the vote on cryptocurrencies,” the House said.
Several cryptocurrency industry leaders have already expressed support for Trump, including the Winklevoss twins and Cathie Wood, CEO of ARK Invest, which launched a Bitcoin cash exchange-traded fund (ETF) with 21Shares.
A wake-up call
“You can still win this election,” wrote Kyle Bligen, the House’s director of financial policy. “In the months leading up to the November election, you can deliver on your promise to work” with Congress to craft comprehensive cryptocurrency legislation that includes the safeguards needed to protect investors while ensuring the conditions are right for continued innovation, he added.