The Chamber of Progress, a tech industry group, has urged President Joe Biden to support a “crypto-friendly digital assets policy” in the run up to the upcoming 2024 U.S. presidential election. The group also advised Biden against his current stance on crypto regulations stating that his rival candidate Donald Trump could get a natural advantage if the stance remains.
In a letter to the President, the group proposed that a comprehensive crypto regulations policy could bolster Biden’s support among younger voters. Citing statistics showing over 50% of Gen Z and Millennial voters favor federal policies encouraging digital asset use in the U.S.
The group cautioned that Biden’s current stance on cryptocurrency regulation could give his political opponent, Donald Trump, an advantage. They criticized Biden for actions such as vetoing a resolution related to SEC crypto rules and the FIT21 Act, which they argue have contributed to regulatory uncertainty in the crypto market.
According to the letter, 52% of voters believe more cryptocurrency regulation is necessary, with one in five registered voters considering it a significant election issue.
The Chamber of Progress appealed to Biden to provide guidance on regulation ahead of the November elections. They further suggest that bipartisan efforts aimed at regulating digital assets could help Biden fulfill his pledge to work with lawmakers on enacting appropriate legislation, potentially resonating with the 50 million Americans who own cryptocurrencies.
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