Tech Coalition Encourages Joe Biden to Support Crypto Regulation
A leading tech coalition, the Chamber of Progress, urged President Joe Biden in a July 9 letter to endorse comprehensive crypto regulation, as the need to engage young voters in the election is becoming more evident.
In the letter, the Chamber emphasized the potential political advantage of addressing U.S. crypto regulation issues, particularly for Gen Z and Millennial voters.
Digital assets have become increasingly important to the American electorate. According to the Federal Reserve, Over 18 million citizens, most of whom are millennials and Gen Z, have invested in cryptocurrencies.
More than 50% of this demographic supports federal policies that promote the use of digital assets. So far, the Biden administration has been targeting young Americans using student debt relief and social media to engage voters.
With the election nearing, the Chamber of Progress believes it’s an opportune time for Biden to take the lead on the issue, which strongly resonates with young voters.
This week's GOP platform takes a swipe at Democrats on crypto. But Biden still has an opportunity to win over the 18 million Americans who are holding or trading in digital assets.
Read our letter today to the Biden Administration:https://t.co/LW57QCR18t pic.twitter.com/eSpUDUFpTk
— Chamber of Progress (@ProgressChamber) July 9, 2024
While the Chamber praised Biden’s 2022 Executive Order on ensuring the responsible development of digital assets, it criticized the current regulatory environment as uncertain and harmful to investors and the ecosystem.
The actions of SEC Chairman Gary Gensler were particularly highlighted. Gensler’s stance on regulating digital assets under existing securities laws has led to numerous legal battles and created friction in the
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