The Chamber of Progress, a prominent tech industry coalition, urged President Joe Biden to back comprehensive crypto regulation in an open letter sent on July 9.
The letter, penned by Chamber of Progress’ Director of Financial Policy Kyle Bligen, emphasized the urgent need for clear and supportive digital asset policies amid growing adoption and regulatory uncertainty.
Critical issue in upcoming vote
Bligen highlighted that 18 million Americans are currently involved in crypto trading or holding, with a significant proportion of Gen Z and Millennial voters supporting federal policies to encourage digital asset use.
He argued that supporting comprehensive regulation could position the Biden Administration as a leader on an issue that resonates strongly with younger voters, who are critical in the upcoming presidential election.
He wrote:
“Every day, more and more Americans interact with digital assets. Nationwide, one in five Americans have bought, traded, or used cryptocurrency.”
Bligen was supportive of the Biden Administration’s previous efforts to foster crypto development and enhance financial services and said
The letter also noted that 40% of US investors anticipate investing in crypto in the future, highlighting the need for a regulatory framework that protects consumers and promotes market clarity.
Criticisms
Bligen criticized the current regulatory environment under SEC Chair Gary Gensler, describing it as marked by “regulatory ambiguity” that has hindered both investors and industry growth.
The Chamber of Progress expressed disappointment with the Administration’s opposition to bipartisan crypto measures, including the recent veto of H.J. Res. 109 and resistance to the Financial Innovation and Technology for the 21st Century Act.
Both legislative efforts aimed to provide clearer regulatory guidelines and enhance consumer protections in the crypto market. Bligen emphasized that failure to establish a clear regulatory path has allowed political opponents, including former President Donald Trump, to capitalize on the issue.
Trump has recently shifted his stance on crypto, positioning himself as a pro-crypto candidate and garnering support from the tech and investor communities. The former President has garnered increasing support in the industry in recent weeks, with several notable figures publicly supporting him.
Despite the current landscape, Bligen urged President Biden to seize the opportunity to lead on digital asset regulation. He said:
“In the months leading up to the November election, you can make good on your promise to collaborate with Congress on developing legislation for digital assets that includes adequate guardrails for consumers and investors while creating the conditions needed for innovation.”
The Chamber of Progress’ letter concluded with a call for bipartisan progress in regulating digital assets, framing it as a pivotal issue for the upcoming election and a chance for the Biden Administration to demonstrate leadership on a key technological and economic front.