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Can Biden Outpace Trump on Cryptocurrency? Advocacy Group Thinks So

Key Takeaways

  • The Chamber of Progress believes President Biden can improve his chances in the 2024 election by adopting a positive stance on crypto;
  • They highlight that Trump capitalizes on the current regulatory uncertainty surrounding crypto to rally his base;
  • The Chamber of Progress highlights Biden's veto of an SEC crypto rule and his opposition to the FIT21 Act as potential election issues.
Can Biden Outpace Trump on Cryptocurrency? Advocacy Group Thinks So

As President Joe Biden faces mounting pressure from within his party to step down in the 2024 election, the tech policy industry coalition Chamber of Progress has stated he still has a chance to shift his stance on crypto.

This, they suggest, could be a decisive factor in countering former President Donald Trump, who is anticipated to be the Republican nominee.

In a letter dated July 9, the Chamber of Progress stressed the importance of President Biden supporting comprehensive crypto regulations, emphasizing that he "can still win" on the cryptocurrency issue against Trump.

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The letter highlighted that Trump has capitalized on the Biden Administration's lack of clarity on crypto and reframed his own position, portraying Biden as an "opponent of American technological leadership and economic progress." The letter stated:

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.

The Chamber of Progress also highlighted that President Biden's veto of a resolution to overturn a Securities and Exchange Commission (SEC) crypto rule, criticized for stifling innovation, could impact the 2024 election outcome.

Additionally, Biden's opposition to the Financial Innovation and Technology for the 21st Century Act (FIT21) was mentioned as a point Trump has seized upon to rally his base.

Delegates of the Democratic National Committee will select their official nominee at the August convention, and the Chamber of Progress believes this time is crucial for Biden to adopt a more positive stance on crypto.

Reports indicate that Biden has been considering accepting crypto donations for his reelection campaign. Furthermore, the Chamber of Progress's letter mentioned that Biden's Administration is expected to participate in a roundtable with congressional leaders to discuss Bitcoin and blockchain in the coming days.

As the November 5 Election approaches, the Chamber of Progress argues that President Biden has an opportunity to redefine his position on crypto, potentially swaying the electorate and enhancing his prospects against Trump.

Aaron S. , Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

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