Chamber of Progress says Biden can ‘still win’ on crypto against Trump


United States President Joe Biden, facing calls from some in the Democratic Party to step aside in the 2024 election, still has a “pivotal opportunity” to change his position on cryptocurrency, according to one advocacy group.

In a July 9 letter, the tech trade group Chamber of Progress urged President Biden to support comprehensive crypto regulation amid concerns about the election and members of Congress preparing to vote on related legislation. According to the group, the US president “can still win” the issue of cryptocurrency against Donald Trump, the presumptive Republican nominee for president.

“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,” said the Chamber of Progress to President Biden. “Although [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.”

Letter to President Biden from the Chamber of Progress. Source: Chamber of Progress

According to the group, President Biden’s veto of a resolution overturning a US Securities and Exchange Commission accounting rule on banks and crypto could impact the outlook for the 2024 election. The Chamber of Progress also cited the US president’s opposition to the Financial Innovation and Technology for the 21st Century Act as an action that Trump “has taken note” of and capitalized on among his supporters.

The advocacy group is not the first to suggest that crypto and blockchain could be factors among voters in the 2024 election between President Biden and Trump and candidates at the state and local levels. On July 8, the Republican National Committee — co-chaired by Trump’s daughter Lara — passed a draft of a policy platform that included advocating for crypto and Bitcoin (BTC) mining.

Related: Biden-Trump debate: Crypto goes completely unmentioned

The timing of the platform update before Trump’s likely nomination suggested that the former US president’s campaign saw an opportunity to court crypto-focused voters. President Biden may have the same opportunity, as delegates with the Democratic National Committee will not choose the party’s official nominee until its August convention. Election Day in the US will be on Nov. 5.

Reports have suggested President Biden was exploring the possibility of accepting crypto contributions for his reelection campaign. The Chamber of Progress letter also cited reports that the US president plans to attend a roundtable with congressional leaders to discuss digital assets sometime in the next four days.

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