KEY POINTS
- The Chamber of Progress believes Biden can "still win" on the topic of crypto by backing "positive" regulation
- It warned that Trump has already taken advantage of the administration's enforcement approach
- The group noted that crypto is a particularly important matter for Gen Z and Millennial voters
A technology coalition has urged U.S. President Joe Biden to promote "positive" legislation for the crypto industry ahead of the November elections.
The call from Chamber of Progress, a U.S. trade group that represents tech firms across the country, comes after Biden has refused to back down from the presidential race despite an unimpressive performance at the first presidential debate where cryptocurrency was left out of the conversation.
A snub of the emerging sector
Both Biden and Republican presidential frontrunner Donald Trump didn't mention the crypto industry during their first debate late last month. As a result, a memecoin based on independent candidate Robert F. Kennedy Jr, $BOBBY, saw a 9.5% spike during the night of the debate. Kennedy Jr. is a known advocate for Bitcoin, the world's largest digital asset by market cap.
A loss – at least in the 'vocal' aspect
Ex-president Trump has at least taken certain steps to express his support for the burgeoning sector in recent months. He has mentioned crypto multiple times in previous rallies and other events. Biden, on the other hand, has yet to vocally embrace the industry.
There have been reports of the incumbent president's campaign supposedly reaching out to key players in the industry to discuss policy. It is unclear how the discussions turned out.
A potential 'opportunity'
The Chamber of Progress, which is partnered with some of the world's "big tech" giants such as Apple and Google, said in a letter to the President Tuesday that he has an "opportunity to support comprehensive crypto legislation."
"Support for a crypto-positive digital assets agenda would provide your Administration with a chance to lead on an issue young voters identify with. For the 19 million Americans currently holding or trading in cryptocurrency, passing bipartisan digital asset regulations is front and center this cycle," the coalition said.
The group reiterated that cryptocurrency is an "overwhelmingly" important matter to Millennial and Gen Z voters.
A statement backed by data
A recent Grayscale – The Harris Poll survey showed that 62% of Gen Z and Millennial voters are more likely to agree that "crypto and blockchain technology are the future of finance."
The survey further found that 82% of Millennials and 85% of Gen Z voters are more likely to agree that "it is imperative that political leaders work towards creating frameworks and rules that enable financial inclusion and investor protection."
A necessary call out
The Chamber pointed out that it supported the President's 2022 Executive Order on responsible development within the crypto sector. However, the group said "consumers have suffered through a period of regulatory uncertainty" under the Biden administration.
In particular, the Chamber said U.S. Securities and Exchange Commission (SEC) Chair Gary Gensler became the symbol of a "tenuous enforcement regime" that has only brought more confusion for consumers and crypto investors instead of clarity.
A dire warning
The group went on to note how the Trump campaign "capitalized on the Administration's lack of clarity." The former President apparently reversed his stance on Bitcoin and the broader digital assets sector and has expressed commitment to "courting the cryptocurrency vote," the Chamber said.
Several crypto leaders have already voiced support for Trump, including the Winklevoss twins, and Cathie Wood, the CEO of ARK Invest, which launched a spot Bitcoin exchange-traded fund (ETF) with 21Shares.
A wake-up call
"You can still win this issue," wrote Kyle Bligen, the Chamber's director of financial policy. "In the months leading up to the November election, you can make good on your promise to collaborate" with Congress on developing comprehensive legislation for crypto that includes the necessary guardrails to protect investors while also ensuring that the conditions are established for continuing innovation, he added.
