The Chamber of Progress, a coalition of tech industry leaders, recently sent an open letter to President Joe Biden urging him to support comprehensive regulation of cryptocurrency. The letter, written by the Chamber of Progress’ Director of Financial Policy, emphasized the importance of clear and supportive policies for digital assets in light of their increasing popularity and regulatory uncertainty.
The Chamber of Progress highlighted that 18 million Americans are currently involved in crypto trading or holding, with a significant number of Gen Z and Millennial voters supporting federal policies that promote the use of digital assets. By supporting comprehensive regulation, the Biden Administration could position itself as a leader on an issue that resonates strongly with younger voters, who are crucial in the upcoming presidential election.
The letter also pointed out that 40% of US investors plan to invest in cryptocurrency in the future, underscoring the need for a regulatory framework that protects consumers and provides clarity for the market. The Chamber of Progress expressed disappointment with the current regulatory environment under SEC Chair Gary Gensler, citing regulatory ambiguity that has hindered both investors and industry growth.
Moreover, the Chamber of Progress criticized the Administration’s opposition to bipartisan crypto measures, such as the recent veto of H.J. Res. 109 and resistance to the Financial Innovation and Technology for the 21st Century Act. These legislative efforts aimed to establish clearer regulatory guidelines and enhance consumer protections in the crypto market.
Despite these challenges, the Chamber of Progress urged President Biden to seize the opportunity to lead on digital asset regulation. The letter emphasized the importance of collaborating with Congress to develop legislation that includes safeguards for consumers and investors while fostering innovation in the digital asset space.
In conclusion, the Chamber of Progress called for bipartisan progress in regulating digital assets, framing it as a critical issue for the upcoming election and an opportunity for the Biden Administration to demonstrate leadership in the technological and economic spheres. By supporting comprehensive regulation of cryptocurrency, President Biden could position himself as a frontrunner on an issue that is increasingly important to younger voters and the future of the digital economy.