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Chamber of Progress Urges Biden for Clearer Crypto Regulations Amid Rising Support From Youth

Published 14 seconds ago
Teuta Franjkovic
Published 14 seconds ago
By Teuta Franjkovic
Verified by Insha Zia

Key Takeaways

  • The Chamber of Progress urged Biden to support comprehensive crypto regulation to attract young voters.
  • Over 18 million Americans are involved in cryptocurrency, emphasizing the need for clear regulatory frameworks.
  • The Chamber criticized the unclear regulatory environment as detrimental to investors and innovation.

As crypto policies emerge as a decisive issue for American voters in the upcoming November election, the Chamber of Progress is pressing US President Joe Biden  to establish comprehensive regulatory frameworks for the crypto industry to win over young voters. 

Urging Clear Crypto Policies Ahead of Election, Highlights Importance for Young Voters

In its letter to President Biden , the Chamber of Progress underscored the growing importance of digital assets in the country, noting that over 18 million Americans were now holding or trading cryptocurrencies.

The tech coalition emphasized the critical need for clearer policies on digital assets due to their rising adoption and the apparent regulatory uncertainty.

Kyle Bligen, the 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 Chamber also underscored the importance of digital asset policies, particularly for Gen Z and Millennial voters, noting that over 50% of these demographic groups supported legislation that encouraged digital asset use.

The Chamber of Progress’ appeal echoed the industry’s ongoing concerns for clearer regulation as the election approaches.

Chamber of Progress: US Crypto Regulation Unclear and Harmful

While the Chamber of Progress commended President Biden’s 2022 Executive Order on Digital Assets , it labeled the current regulatory environment as unclear and detrimental.

The coalition highlighted the approach of Biden-appointed Securities and Exchange Commission (SEC) Chairman Gary Gensler, who has been involved in a myriad of legal tussles with the crypto industry over the past four years. 

The Chamber noted that consumers have endured a period of regulatory uncertainty, which has diminished the value and utility of their digital assets. It cited recent lawsuits against major crypto exchanges, such as Binance and Coinbase, as examples of the SEC’s controversial approach.

Despite bipartisan support in Congress for clearer regulatory frameworks, such as the recently passed Financial Innovation and Technology for the 21st Century Act, the Chamber expressed disappointment with the administration’s opposition to these measures, highlighting the political consequences Biden’s administration could face in the upcoming election. 

 

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