Chamber of Progress calls on Biden to back crypto amid growing adoption

cyptouser2 weeks agoCryptocurrencies News72
The Chamber of Progress, a prominent tech industry coalition, urged President Joe Biden to back comprehensive crypto regulation in an open letter sent on July 9.

The letter, penned by Chamber of Progress’ Director of Financial Policy Kyle Bligen, emphasized the urgent need for clear and supportive digital asset policies amid growing adoption and regulatory uncertainty.

Critical issue in upcoming vote

Bligen highlighted that 18 million Americans are currently involved in crypto trading or holding, with a significant proportion of Gen Z and Millennial voters supporting federal policies to encourage digital asset use.

He argued that supporting comprehensive regulation could position the Biden Administration as a leader on an issue that resonates strongly with younger voters, who are critical in the upcoming presidential election.

He wrote:

“Every day, more and more Americans interact with digital assets. Nationwide, one in five Americans have bought, traded, or used cryptocurrency.”

Bligen was supportive of the Biden Administration’s previous efforts to foster crypto development and enhance financial services and said

The letter also noted that 40% of US investors anticipate investing in crypto in the future, highlighting the need for a regulatory framework that protects consumers and promotes market clarity.

Criticisms

Bligen criticized the current regulatory environment under SEC Chair Gary Gensler, describing it as marked by “regulatory ambiguity” that has hindered both investors and industry growth.

The Chamber of Progress expressed disappointment with the Administration’s opposition to bipartisan crypto measures, including the recent veto of H.J. Res. 109 and resistance to the Financial Innovation and Technology for the 21st Century Act.

Both legislative efforts aimed to provide clearer regulatory guidelines and enhance consumer protections in the crypto market. Bligen emphasized that failure to establish a clear regulatory path has allowed political opponents, including former President Donald Trump, to capitalize on the issue.

Trump has recently shifted his stance on crypto, positioning himself as a pro-crypto candidate and garnering support from the tech and investor communities. The former President has garnered increasing support in the industry in recent weeks, with several notable figures publicly supporting him.

Despite the current landscape, Bligen urged President Biden to seize the opportunity to lead on digital asset regulation. He said:

“In the months leading up to the November election, you can make good on your promise to collaborate with Congress on developing legislation for digital assets that includes adequate guardrails for consumers and investors while creating the conditions needed for innovation.”

The Chamber of Progress’ letter concluded with a call for bipartisan progress in regulating digital assets, framing it as a pivotal issue for the upcoming election and a chance for the Biden Administration to demonstrate leadership on a key technological and economic front.

Mentioned in this article
Joe Biden Donald Trump
The content on this website comes from the Internet. Due to the inconvenience of proofreading the authenticity and accuracy of the copyright or content of some content, it may be temporarily impossible to confirm the authenticity and accuracy of the copyright or content. For copyright issues or other issues caused by this, please Call or email this site. It will be deleted or changed immediately after verification.

related articles

Dead metaverse? Public administration breathes new life into virtual tech

Dead metaverse? Public administration breathes new life into virtual tech

92485d12˃Once hailed as the next frontier of human interaction, the metaverse seemed to lose steam a...

Bithumb sets sights on 2025 South Korean IPO on KOSDAQ amid leadership overhaul

South Korean cryptocurrency exchange Bithumb is eyeing a listing on the Korean Securities Dealers Au...

Bitwise CCO says Ethereum ETFs 'close to finish line', SEC open to other funds

Bitwise CCO Katherine Dowling said spot Ethereum ETFs are “close to the finish line” whi...

Sam Bankman-Fried will testify at his own trial

FTX founder Sam Bankman-Fried (SBF) will testify in his own criminal trial on Oct. 26, according to...

Is Bitcoin price bouncing at 57K? Here's why these levels are key

Is Bitcoin price bouncing at 57K? Here's why these levels are key

55966e89˃Bitcoin (BTC) held near two-month lows at the May 1 Wall Street open as risk assets braced...

Bitcoin miner Riot Platforms gears up for halving with strategic $290M hardware investment

Texas-based Bitcoin (BTC) miner Riot Platforms secured its largest-ever order of hash rate through t...