The Chamber of Progress, a tech industry coalition, has called on President Joe Biden to support comprehensive crypto regulation, framing it as a crucial step in his administration’s bid to engage young voters ahead of the upcoming U.S. presidential election.
In a letter on Tuesday, the chamber emphasized the growing importance of digital assets to a significant portion of the electorate, noting that over 18 million Americans currently hold or trade crypto.
The letter highlighted the particular significance to Gen Z and Millennial voters, with more than 50% of those demographics supporting federal policies that encourage the use of digital assets.
The Chamber’s call underscores long-standing concern among crypto participants for clearer industry regulation as the U.S. presidential election in November inches closer.
“We believe this presents a pivotal opportunity for your administration to lead on an issue that resonates strongly with young voters,” Kyle Bligen, director of financial policy, wrote.
The chamber praised Biden’s 2022 Executive Order on Ensuring the Responsible Development of Digital Assets but criticized the current regulatory landscape as uncertain and harmful to both investors and innovation.
They pointed to the actions of Biden-appointed Securities and Exchange Commission Chairman Gary Gensler, whose stance on regulating digital assets under existing securities laws has faced numerous court challenges.
“Consumers have suffered through a period of regulatory uncertainty that has devalued the digital assets they hold and limited their utility,” Bligen wrote.
Bligen pointed to recent lawsuits against major crypto exchanges as examples of the SEC’s contentious approach.
Despite bipartisan support in Congress for clearer regulatory frameworks, including the recently passed Financial Innovation and Technology for the 21st Century Act, the chamber expressed disappointment in the administration’s opposition to those measures.
The letter also underscored the political ramifications of crypto regulation in the upcoming election.
Former President Donald Trump has capitalized on the current administration’s regulatory ambiguity, reversing his previous stance on crypto and positioning himself as a proponent of American technological leadership.
Trump has garnered substantial support from crypto investors and founders by vowing to take a hands-off approach and end the “crackdown” on the industry.
“With 18 million voters and an election at stake, now is the time to speak out in support of bipartisan progress regulating digital assets,” Bligen wrote.
