Biden could still flip the crypto script on Trump – But does he want it bad enough?
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Joe Biden faces a critical moment in his campaign. With the 2024 election approaching, his stance on cryptocurrency could make or break his chances against Trump. The Chamber of Progress has sent a strong message: supporting comprehensive crypto regulation is key. Biden can still win this battle, but does he want it badly enough? See: It’s crypto, not the economy, stupid The advocacy group believes this could be a winning issue for him in the upcoming election. “The US president can still win the issue of cryptocurrency against Donald Trump,” they said. Biden’s crypto conundrum In their letter, the Chamber added that: “Support for a crypto-positive digital assets agenda would provide your Administration with a chance to lead on an issue young voters identify with.” With 18 million Americans involved in cryptocurrency, and over 50% of Gen Z and Millennial voters supporting federal policies that encourage digital asset use, the stakes are high. Biden’s 2022 Executive Order on Ensuring Responsible Development of Digital Assets aimed to foster cryptocurrency development, expand access to safe and affordable financial services, and reduce the cost of cross-border transfers. Source: The Chamber of Progress Despite this, the current regulatory environment remains unclear, harming investors and limiting the utility of crypto assets. The SEC, under Gary Gensler, has insisted that existing laws are enough to regulate digital assets, but multiple courts have disagreed, leaving consumers in a state of regulatory ambiguity. The SEC’s approach has also damaged relationships with the crypto industry. After several meetings to establish clear guidelines, the SEC still sued major cryptocurrency exchanges. This has also ruined investor confidence and public-private collaboration. Opportunities to support bipartisan reforms The US Congress has passed several bipartisan measures to provide regulatory clarity for crypto. The Financial Innovation and Technology for the 21st Century Act proposes a…
Filed under: News - @ July 10, 2024 12:12 am