The Chamber of Progress urges President Biden to support clear crypto regulation, stating that Trump has exploited regulatory gaps and highlighted the importance of this issue to young voters.
The Chamber of Progress, a U.S. tech industry organization, has encouraged President Joe Biden to express his support for comprehensive crypto regulation. The group claims that Republican rival Donald Trump has exploited the administration’s lack of clarity.
Biden’s administration would have the opportunity to lead on an issue that young voters identify with by supporting a “crypto-positive” digital assets agenda, according to Kyle Bligen, Director of Financial Policy at the Chamber of Progress, in a letter to the President on Tuesday.
“Passing bipartisan digital asset regulations is front and center this cycle” for the millions of Americans who are presently holding or trading cryptocurrency, according to Bligen. “Gen Z and Millennial voters prioritize this issue, with more than 50% of those demographics advocating for a federal policy that promotes the use of digital assets in the United States.”
“The opportunity to establish a clear path forward for digital assets in the United States as the first president is paramount to this administration,” Bligen concluded.
The Chamber of Progress is a center-left coalition of policymakers in the technology industry dedicated to advancing progressive policies and the equitable distribution of technological advancements among all Americans.
It is supported by prominent technology companies, including Amazon, Google, and Facebook, and it concentrates on matters such as progressive taxation, equitable marketplaces, and voting rights.
Nevertheless, Bligen was unfavorable to the regulatory uncertainty that enveloped the crypto industry during Biden’s administration, asserting that it impedes American innovation and harms investors.
Bligen wrote, “Consumers have endured a period of regulatory uncertainty during the Biden Administration, which has diminished the value of their digital assets and restricted their functionality.”
The Chamber of Progress Director of Financial Policy cited the U.S. Securities and Exchange Commission Chair Gary Gensler’s belief that the Securities Exchange Act of 1933, 1934 and the Howey test are still adequate for regulating digital assets, even though multiple courts have “rejected his position,” which has contributed to regulatory ambiguity.
Bligen also criticized Biden’s veto in May of a bipartisan resolution to overturn the SEC’s Staff Accounting Bulletin 121, also known as SAB 121, which could prevent banks from safeguarding digital assets. They also criticized the White House’s opposition to the passage of the Financial Innovation and Technology for the 21st Century Act, also known as FIT21, which proposes a joint SEC-CFTC crypto rulemaking regime.
According to Bligen, former President Donald Trump has exploited the administration’s lack of clarity by reversing his stance on cryptocurrency and portraying Biden as “an opponent of American technological leadership and economic progress.”
