Tech Industry Coalition Urges President Biden to Support Comprehensive Crypto Regulation
The Chamber of Progress, a prominent tech industry coalition, has called on President Joe Biden to support comprehensive crypto regulation in an open letter sent on July 9. The letter, written by the Chamber of Progress’ Director of Financial Policy Kyle Bligen, stressed the importance of clear and supportive digital asset policies in the face of increasing adoption and regulatory uncertainty.
Bligen pointed out that 18 million Americans are currently involved in crypto trading or holding, with a significant number of Gen Z and Millennial voters advocating for federal policies that promote the use of digital assets. He argued that backing comprehensive regulation could position the Biden Administration as a leader on an issue that resonates strongly with younger voters, who are crucial in the upcoming presidential election.
The letter also highlighted that 40% of US investors plan to invest in crypto in the future, underscoring the need for a regulatory framework that safeguards consumers and promotes market transparency. Bligen expressed support for the Biden Administration’s efforts to foster crypto development and enhance financial services.
However, Bligen criticized the current regulatory environment under SEC Chair Gary Gensler, citing “regulatory ambiguity” that has impeded 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, which aimed to provide clearer regulatory guidelines and enhance consumer protections in the crypto market.
Former President Donald Trump’s shifting stance on crypto was also mentioned in the letter, with Bligen noting that Trump has positioned himself as a pro-crypto candidate and gained support from the tech and investor communities. Despite the current challenges, Bligen urged President Biden to take the lead on digital asset regulation, emphasizing the opportunity to collaborate with Congress on developing legislation that balances consumer protection with innovation.
The Chamber of Progress’ letter concluded with a call for bipartisan progress in regulating digital assets, framing it as a critical issue for the upcoming election and a chance for the Biden Administration to demonstrate leadership in the technological and economic spheres.
