US President Joe Biden
With more than 18 million Americans investing in crypto, a D.C.-based tech industry coalition called The Chamber of Progress is urging President Joe Biden to support bipartisan, pro-crypto policies to attract more youth votes.
The Importance of Cryptocurrency Regulation
Citing the “pivotal moment” of the U.S. election cycle, The Chamber of Progress is looking to the Biden administration to back “comprehensive cryptocurrency regulation” ahead of a bitcoin roundtable this month. The goal is to safeguard votes from millennial and Gen Z voters.
“Over 50 percent of those age groups support a federal policy that encourages digital asset use in the U.S.,” the coalition said in a letter addressed to President Biden on Tuesday.
Polling Data and Voter Sentiment
The Chamber of Progress cited poll data showing that more than half of voters believe more crypto rules need to be introduced in the U.S. Additionally, 1 in 5 voters consider crypto regulations “a major voting issue” in the 2024 election.
“Given your Administration’s rejection of these legislative proposals, investors and industry participants remain unsure of the regulatory framework for digital assets,” the coalition said. “And your political opponent has taken note.”
Political Implications and Industry Partnerships
“Former President Donald Trump has capitalized on the administration’s lack of clarity to reverse his position on cryptocurrency and portray you as an opponent of American technological leadership and economic progress. He has committed to courting the cryptocurrency vote and has reportedly raised millions from founders and investors,” the coalition warned.
However, the coalition reassured Biden that his campaign could still “win” by extending regulatory clarity to the crypto industry.
The coalition’s partners include Coinbase, America’s largest crypto exchange; Circle, issuers of the popular USDC stablecoin; Ripple, the company behind the Ripple token; and Meta, which previously worked on an abandoned stablecoin project known as Libra and then Diem.
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