The Chamber of Progress, a tech industry coalition, has called on President Joe Biden to support comprehensive regulation of cryptocurrencies, presenting it as a crucial strategy to attract young voters ahead of the U.S. presidential election.
What Happened: In a letter addressed to President Biden on Tuesday, the organization highlighted the importance of a pro-cryptocurrency agenda to win the support of Gen Z and Millennial voters. The letter indicated that over 18 million Americans are currently involved in cryptocurrency trading or holding.
“With a close election on the horizon – becoming the first president to set a clear path forward for digital assets in the U.S. is a pivotal opportunity for this administration,” the chamber emphasized in the letter.
In the same breath, the tech coalition reminded that regulatory uncertainty under the administration shattered the confidence of the investors. Gary Gensler-led SEC was specifically criticized for its hostile pursuit of cryptocurrency-based organizations.
The letter cited nationwide polls to state that about 20% of the registered voters considered cryptocurrency regulation a major election issue.
Why It Matters: This letter comes after the Republican Party officially pledged support for the cryptocurrency industry in its 2024 election manifesto, promising to end the “unlawful and un-American crackdown” in the U.S.
Presidential hopeful Donald Trump has positioned himself as a “crypto president”, marking a 180-degree pivot from his position on the asset class, especially Bitcoin BTC/USD.
His aggressive pro-Bitcoin marketing has earned support from cryptocurrency bettors. The odds of him winning the presidential race were 63% as of this writing on the decentralized prediction market, Polymarket.
Image via Shutterstock
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