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Tech Coalition Encourages Joe Biden to Support Crypto Regulation

Jimmy Aki
Last updated: | 2 min read
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.

Chamber of Progress Highlights the Role of Gen Z in Driving a Favorable Crypto Regulation

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.

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 crypto space.

The tech coalition argued that regulatory uncertainty has negatively impacted consumers, devaluing their digital assets and limiting their utility. Suits against major crypto exchanges were cited as examples of the SEC’s contentious approach.

Despite bipartisan support in Congress for clearer regulatory frameworks, such as the recently passed Financial Innovation and Technology for the 21st Century Act (FIT21), the Chamber expressed disappointment with the administration’s resistance to these measures.

The Impact of Crypto on U.S Politics

The Chamber of Progress is not alone in recognizing the potential influence of crypto and blockchain in the 2024 election.

Last week, the Republican National Committee included support for crypto and Bitcoin mining in its pro-Bitcoin draft policy platform, suggesting that Trump’s campaign sees an opportunity to attract crypto-focused voters.

Former President Donald Trump has recently become a pro-Bitcoin candidate, declaring his love for Bitcoin in a bid to sway more crypto votes in November.

An industry-sponsored poll by Paradigm revealed that Trump’s positive remarks about supporting the U.S. crypto sector have resonated with many voters.

Another poll revealed that 13% of Republicans who were initially undecided or not planning to vote for Trump now had a favorable opinion of him following his stance on crypto.

As the Democratic National Committee prepares to declare its presidential nominee in August officially, Biden might similarly see an opportunity to engage crypto-focused voters.

Additionally, the president’s campaign team is reportedly in talks with Coinbase to accept crypto donations for his reelection campaign, similar to what Trump did.