Will Joe Biden Use Crypto Regulation to Gain Election Edge Over Donald Trump?
Who Will Win the Crypto Vote in 2024?
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United States President Joe Biden is facing increasing pressure from within the Democratic Party to step aside in the 2024 election. Amid these calls, a tech trade group, Chamber of Progress, has highlighted a significant opportunity for Biden to shift his stance on cryptocurrency regulation.
Advocacy for Clarity
Letter to President Biden from the Chamber of Progress. Source: Chamber of Progress
In a letter dated July 9, the Chamber of Progress urged President Biden to support comprehensive cryptocurrency regulation. This comes as concerns about the upcoming election grow and Congress prepares to vote on related legislation. The group believes that Biden can still position himself favorably on this issue against Donald Trump, the presumed Republican nominee.
"Former President Donald Trump has capitalized on the Administration’s lack of clarity to reverse his position on cryptocurrency and portray you as an opponent of American technological leadership and economic progress," the Chamber of Progress stated in their letter. They emphasized that Biden still has an opportunity to provide the regulatory clarity that voters are seeking.
Potential Election Impact
The Chamber of Progress pointed out that President Biden’s recent veto of a resolution aimed at overturning a US Securities and Exchange Commission accounting rule on banks and crypto could influence the outlook for the 2024 election. They also noted Biden’s opposition to the Financial Innovation and Technology for the 21st Century Act, an action Trump has seized upon to rally his supporters.
Crypto's Growing Political Influence
The Chamber of Progress is not alone in suggesting that cryptocurrency and blockchain technology could be significant factors in the 2024 election.
On July 8, the Republican National Committee, co-chaired by Trump’s daughter Lara, passed a draft policy platform advocating for cryptocurrency and Bitcoin (BTC) mining. This update, coming before Trump’s likely nomination, indicates his campaign's intent to attract crypto-focused voters.
Biden's Opportunity
With the Democratic National Committee delegates set to choose the party’s official nominee at their August convention, President Biden still has time to shape his position on cryptocurrency. Reports indicate that he is exploring the possibility of accepting crypto contributions for his reelection campaign. The Chamber of Progress also mentioned that Biden plans to attend a roundtable with congressional leaders to discuss digital assets in the coming days.
As Election Day on November 5 approaches, President Biden has a pivotal opportunity to redefine his stance on cryptocurrency. By providing regulatory clarity, he can address voter concerns and potentially gain an edge over Donald Trump in this emerging and influential sector.
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