Biden Urged By Chamber Of Progress To Attract Young Voters By Supporting Crypto Rules: 'You Can Still Win This Issue'

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.

This week's GOP platform takes a swipe at Democrats on crypto. But Biden still has an opportunity to win over the 18 million Americans who are holding or trading in digital assets.

Read our letter today to the Biden Administration:https://t.co/LW57QCR18t pic.twitter.com/eSpUDUFpTk

— Chamber of Progress (@ProgressChamber) July 9, 2024

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.

See Also: Doja Cat’s Account Hack Leads To $1.6M Crypto Loss: Rapper Says, ‘It’s Not Me, It Is Literally An Imposter’

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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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.