Tech Coalition Urges Biden to Embrace Crypto Regulation to Win Young Voters
The Chamber of Progress, a tech industry coalition, has called on President Joe Biden to support comprehensive cryptocurrency regulation, framing it as a crucial step to engage young voters ahead of the 2024 U.S. presidential election. In a letter sent to the White House on July 9, the group emphasized the growing importance of digital assets to a significant portion of the electorate, particularly Gen Z and Millennial voters.
According to the Chamber of Progress, over 18 million Americans currently hold or trade cryptocurrencies, with more than 50% of young adults supporting federal policies that encourage the use of digital assets. Kyle Bligen, Director of Financial Policy at the Chamber of Progress, stated, “We believe this presents a pivotal opportunity for your administration to lead on an issue that resonates strongly with young voters.”
The coalition praised Biden’s 2022 Executive Order on Ensuring Responsible Development of Digital Assets but criticized the current regulatory landscape as uncertain and potentially harmful to both investors and innovation. The letter specifically pointed to the actions of Securities and Exchange Commission (SEC) Chairman Gary Gensler, whose approach to regulating digital assets under existing securities laws has faced numerous court challenges.
“Consumers have suffered through a period of regulatory uncertainty that has devalued the digital assets they hold and limited their utility,” Bligen wrote. The Chamber cited recent lawsuits against major crypto exchanges as examples of the SEC’s contentious approach to the industry.
The political implications of crypto regulation in the upcoming election are becoming increasingly apparent. Former President Donald Trump, the likely Republican nominee, has capitalized on the current administration’s regulatory ambiguity by reversing his previous stance on crypto. Trump now positions himself as a proponent of American technological leadership, vowing to take a hands-off approach and end what he calls a “crackdown” on the industry.
Despite these developments, the Chamber of Progress argues that President Biden still has an opportunity to win on the issue of cryptocurrency. The group suggests that supporting comprehensive regulation could not only engage young voters but also demonstrate leadership on a key technological and economic front.
With reports suggesting that Biden may be exploring the possibility of accepting crypto contributions for his reelection campaign, there may be signs of a potential shift in the administration’s approach. As the election draws near, the cryptocurrency industry is emerging as a potentially significant political issue, with both major parties vying for support from crypto-savvy voters.
