The Chamber of Progress, a tech business coalition advocating for digital innovation, has known as on the moderators of the upcoming ABC presidential debate to incorporate a essential query about cryptocurrency regulation.
In a letter despatched to moderators Linsey Davis and David Muir on September 5, the group highlighted the rising position of digital belongings within the US financial system and known as for transparency within the candidates' positions.
The letter famous that greater than 18 million Individuals presently maintain or commerce cryptocurrencies, making them a urgent situation within the 2024 election cycle. Within the first debate between Vice President Kamala Harris and former President Donald Trump, she emphasised the significance of addressing digital asset coverage.
The letter added:
“Voters should know the place the candidates stand on cryptocurrency earlier than they head to the polls in November.”
Rising adoption
In response to the paper, cryptocurrencies have gained traction throughout varied demographics. Current surveys present that one in 5 Individuals have invested in, traded, or used cryptocurrencies. Moreover, information from the Kansas Metropolis Federal Reserve exhibits that black buyers usually tend to maintain cryptocurrencies than conventional shares or mutual funds.
With black, Hispanic and Asian adults making up 20% of cryptocurrency customers, the letter famous that crypto coverage has turn into a key situation for underrepresented communities.
Moreover, polling information cited within the letter means that Gen Z and Millennial voters are notably invested in digital asset politics. Greater than half of those teams assist a federal method that helps the usage of cryptocurrencies within the US.
With the 2024 election looming, 52% of voters consider elevated regulation of digital belongings is required, with one in 5 registered voters citing it as a prime situation when casting their poll.
A transparent stance on digital belongings
The letter additionally highlighted the evolving positions of the 2 predominant candidates. Former President Trump, who as soon as known as cryptocurrencies a “fraud,” has since reversed his stance and is now actively courting crypto voters. His marketing campaign has constructed a “crypto military” aimed toward mobilizing supporters in favor of the adoption of digital belongings.
However, whereas Vice President Harris has but to launch a proper crypto coverage agenda, one in every of her prime advisers not too long ago indicated that she is open to regulation that may promote the expansion of the business whereas defending customers.
The letter requires the candidates to clarify how they plan to steadiness selling innovation and defending the pursuits of customers. Added:
“A crypto query within the September debate may deliver voters some much-needed readability on this necessary situation.”
With the rising adoption of digital currencies and ongoing discussions about regulatory frameworks, the Chamber of Progress hopes this debate will present a platform for clear positions on the way forward for cryptocurrencies within the US.
