Biden at Advantage Over Trump on Crypto

According to the advocacy group, Trump’s “change of heart on cryptocurrency” is still possible for the US president to counteract by advocating for regulation.

One advocacy group has stated that President Joe Biden, who is currently under pressure from certain members of the Democratic Party to resign in the 2024 election, still has a “pivotal opportunity” to alter his stance on cryptocurrency.

The Chamber of Progress, a tech trade group, implored President Biden to support comprehensive crypto regulation in a letter dated July 9. This letter was written in response to concerns regarding the upcoming election and the preparation of members of Congress to vote on related legislation.

The group maintains that the United States president has the potential to prevail in the cryptocurrency debate against Donald Trump, the Republican’s presumed presidential nominee.

President Biden was informed by the Chamber of Progress that former President Donald Trump has exploited the Administration’s lack of clarity to reverse his stance on cryptocurrency and portray you as an opponent of American technological leadership and economic progress.

“Even though [Trump] has recently expressed a change of heart regarding cryptocurrency, you still have the opportunity to offer the regulatory clarity voters seek.”

The group believes that the 2024 election’s prognosis could be affected by President Biden’s veto of a resolution that would have overturned a US Securities and Exchange Commission accounting rule on banks and crypto.

The Chamber of Progress also noted that the US president’s opposition to the Financial Innovation and Technology for the 21st Century Act is an action that Trump has “taken note” of and capitalized on among his supporters.

The advocacy group is one of many to propose that crypto and blockchain could be influential factors for voters in the 2024 election, which will feature candidates at the state and local levels, as well as President Biden and Trump.

A draft of a policy platform that advocated for crypto and Bitcoin mining was ratified by the Republican National Committee on July 8, which is co-chaired by Trump’s daughter Lara.

The platform update’s timetable before Trump’s anticipated nomination implies that the former US president’s campaign perceived an opportunity to appeal to crypto-focused voters.

The Democratic National Committee’s delegates will not select the party’s official nominee until its August convention, which may provide President Biden with the same opportunity. Election Day in the United States will occur on November 5.

Reports have indicated President Biden was considering collecting cryptocurrency contributions for his reelection campaign.

The Chamber of Progress letter also referenced reports that the United States president intends to participate in a roundtable discussion with congressional leaders to address digital assets within the next four days.