While the presidential race between US presidential candidates Joe Biden and Donald Trump continues at full speed, cryptocurrencies are expected to be the determinant of the election outcome.
At this point, while Biden continues his anti-crypto rhetoric, the US technology industry group Chamber of Progress called on President Joe Biden to support comprehensive Bitcoin and crypto regulation.
The US organization sent a letter to Biden, stating that Republican candidate Donald Trump took advantage of the lack of clarity on crypto.
The letter pointed out the interest of young voters in crypto and stated that their support for crypto would give the Biden administration the chance to lead on crypto:
“While Trump has recently changed his mind on Bitcoin and cryptocurrencies, you still have the opportunity to provide the regulatory clarity voters demand.
Trump is determined to win the votes of cryptocurrency voters and has raised millions of dollars from founders and investors in the crypto industry. However, you can still win on this one.
More than 18 million voters in the US currently invest in cryptocurrencies, and among them, Generation Z and Generation Y voters are the overwhelming majority. At this point, crypto is an important issue for these groups, and more than 50 percent of these age groups support a federal policy encouraging the use of digital assets in the United States.
“Being the first president to lay out a clear path for digital assets in the United States is a significant opportunity for the Biden administration.”
Criticizing the Biden administration's failure to create a clear regulatory framework for the cryptocurrency industry, Kyle Bligen, one of the directors of the Chamber of Progress, said that this lack of regulation harms investors and hinders innovation in America.
Finally, the letter stated that the recent policies of the SEC and its chairman, Gary Gensler, have harmed the cryptocurrency industry and contributed to regulatory uncertainty.
*This is not investment advice.