The Chamber of Progress, a coalition of tech industry advocates, has urged President Joe Biden to endorse extensive crypto regulation. This plea comes as a critical move for the administration to attract young voters in the imminent U.S. presidential election. In a recent letter, the coalition called out the increasing influence of crypto assets on a significant segment of the voters. It was noted that currently, over 18 million Americans engage in crypto holding or trade.
The letter spotlighted the particular relevance of this issue to Gen Z and Millennial voters, with over half of such demographics backing federal policies promoting the utilization of digital assets. It reflects the ongoing concerns among crypto entities for more transparent industry regulation in light of the nearing presidential election. The Chamber also commended Biden’s 2022 executive initiative to ensure the responsible growth of digital assets but criticized the existing regulatory setting for its uncertainty and its adverse impact on investors and innovation.
The Chamber also addressed the actions of Gary Gensler, the Biden-appointed Chairman of the Securities and Exchange Commission, who’s proposal to govern digital assets under existing securities laws led to several court disputes. Instances of recent lawsuits against major crypto exchanges were noted to emphasize the SEC’s disputed approach. In spite of bipartisan backing in Congress for clearer regulatory frameworks, like the recently approved Financial Innovation and Technology for the 21st Century Act, the administration’s opposition to these measures was expressed as dissatisfactory by the Chamber.
The letter emphasized the electoral implications of crypto regulation concerning the upcoming election. Former President Donald Trump has exploited the administration’s regulatory ambiguity, shifting his previous stance on crypto, and posing himself as a proponent of American technological leadership. Trump has won substantial backing from crypto investors and founders, promising a relaxed approach and an end to the “crackdown” on the industry. The Chamber ended their call-to-action by implying that with the election and 18 million potential votes at risk, the time is ripe for bipartisan progress in regulating digital assets.