Call for Comprehensive Regulation
The Chamber of Progress, a tech industry coalition, recently urged President Biden to lead on cryptocurrency regulation. In a letter, the group emphasized the need for a clear regulatory framework. They highlighted the potential benefits for both investors and the U.S. economy.
Seize the Opportunity for Legislation
Established in 2020, the Chamber of Progress advocates for policies that foster technological innovation. They support responsible cryptocurrency development, expanded access to financial services, and reduced costs for cross-border payments. In their letter to Biden, they stressed the urgency of regulatory clarity in the rapidly growing digital assets sector.
Criticism of Current Regulatory Environment
Kyle Bligen, Director of Financial Policy at the Chamber of Progress, wrote the letter. He applauded Biden’s 2022 executive order on digital assets but criticized the current regulatory ambiguity. The Chamber argues that SEC Chair Gary Gensler’s approach has created uncertainty, devaluing digital assets and limiting their utility. They call for a bipartisan legislative effort to provide consumer protection and market clarity.
Increasing Adoption and Political Implications
The letter highlighted that one in five Americans has engaged with digital assets. The Chamber stresses that clear and supportive regulations could position the U.S. as a leader in the global digital economy. They noted that former President Donald Trump criticized the current administration’s lack of regulatory clarity and pledged to attract the cryptocurrency vote. The coalition emphasized that Biden still has an opportunity to provide the regulatory framework voters demand, potentially turning this issue into a political advantage.
