IMPORTANT POINTS
The Chamber of Progress believes that Biden “can still win” on the subject of crypto by supporting “positive” regulation. It warned that Trump has already benefited from the administration’s enforcement 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 promote “positive” legislation for the crypto industry ahead of the November election.
The call from the Chamber of Progress, a US trade group that represents tech firms across the country, comes after Biden refused to withdraw from the presidential race despite an unimpressive showing during the first presidential debate where cryptocurrency was left out of the conversation .
A slice of the emerging sector
Both Biden and Republican presidential front-runner 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, saw a 9.5% rise during the night of the debate. Kennedy Jr. is a well-known proponent of Bitcoin, the world’s largest digital asset by market capitalization.
A loss – at least in the ‘vocal’ aspect
Former President Trump has taken at least some steps in recent months to express his support for the emerging sector. He mentioned crypto several times in previous rallies and other events. Biden, on the other hand, has yet to vocally embrace the industry.
There are reports of the incumbent’s campaign reportedly reaching out to key industry players to discuss policy. It is unclear how the discussions turned out.
A potential ‘opportunity’
The Chamber of Progress, which is partnered with some of the world’s “big tech” giants like Apple and Google, said in a letter to the President on Tuesday that it has an “opportunity to support comprehensive crypto legislation. “
“Supporting a crypto-positive digital asset agenda will give your administration a chance to lead on an issue that young voters identify with. For the 19 million Americans who currently hold or trade cryptocurrency, the passage of bipartisan digital asset regulations at the forefront of this cycle,” the coalition said.
The group reiterated that cryptocurrency is an “overwhelmingly” important issue for Millennial and Gen Z voters.
A statement backed by data
A recent Grayscale – The Harris Poll survey showed that 62% of Gen Z and Millennial voters are more likely to agree that “crypto and blockchain technology is the future of finance.”
2024 Election: The Role of Crypto Survey by Grayscale and The Harris Poll
The survey further 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.”
2024 Election: The Role of Crypto Survey by Grayscale and The Harris Poll
A necessary exclamation
The Chamber pointed out that it supports the President’s Executive Order of 2022 on responsible development within the crypto sector. However, the group said “consumers have suffered through a period of regulatory uncertainty” under the Biden administration.
In particular, the Chamber said US Securities and Exchange Commission (SEC) Chairman Gary Gensler has become the symbol of a “poor enforcement regime” that has only brought more confusion to consumers and crypto-investors instead of clarity .
A funny warning
The group further noted how the Trump campaign “capitalized on the administration’s lack of clarity.” The former president appeared to reverse his stance on Bitcoin and the broader digital asset sector and expressed his commitment to “make the vote on the cryptocurrency,” the Chamber said.
Several crypto leaders have already expressed support for Trump, including the Winklevoss twins, and Cathie Wood, the CEO of ARK Invest, which launched a mock Bitcoin exchange-traded fund (ETF) with 21Shares.
A wake-up call
“You can still win this issue,” wrote Kyle Bligen, the Chamber’s director of financial policy. “In the months leading up to the November election, you can keep your promise to work together” with Congress on developing comprehensive crypto legislation that includes the necessary safeguards to protect investors, while also ensuring that the conditions for continued innovation is established, he added.
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