10/07/24

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On July 9, the Director of Financial Policy of the Chamber of Progress Kyle Bligen wrote a letter to President Joe Biden regarding his opportunity to support an all-inclusive cryptocurrency legislation.

Bligen wrote the letter on behalf of the Chamber of Progress, urging the president to voice support for an all-inclusive crypto regulation, as members of his administration will participate in a bitcoin and blockchain roundtable this week.

“Support for a crypto-positive digital assets agenda would provide your Administration with a chance to lead on an issue young voters identify with. For the 18 million Americans currently holding or trading in cryptocurrency, passing bipartisan digital asset regulations is front and center this cycle,” reads the letter.

The letter noted that the Chamber of Progress strongly supports the president’s Executive Order (EO) issued two years ago regarding responsible development of digital assets and becoming the first president to establish a clear way forward for digital assets across the country is a key opportunity for his administration with a close election on the horizon.

The group highlighted the suffering of consumers under the Biden administration, regarding regulatory uncertainty that devalued their digital assets and limited their utility. The regulatory environment has been murky, with the SEC suing America’s largest crypto exchanges, damaging public-private collaboration and further eroding investor confidence.

They mentioned the president’s veto of Congress’ bipartisan cryptocurrency measure – H.J. Res. 109, noting that rejection of legislative proposals makes investors and industry participants unsure of the regulatory framework for digital assets.

Donald Trump is dwelling on the current administration’s lack of clarity to reverse his position on crypto, portraying President Biden as an opponent of the U.S. becoming a leader in technology and achieving economic progress.

“He has committed to courting the cryptocurrency vote and has reportedly raised millions from founders and investors. However, you can still win this issue. Although former President Trump has recently had a change of heart on cryptocurrency, you still have an opportunity to provide the regulatory clarity that voters are calling for,” reads the letter.