Chamber of Progress demands clarity on crypto from presidential hopefuls

The Chamber of Progress, a technology industry coalition advocating for digital innovation, has urged moderators of the upcoming ABC presidential debate to include a critical question on crypto regulation.

In a letter sent to moderators Linsey Davis and David Muir on Sept. 5, the organization highlighted the growing role of digital assets in the US economy and called for transparency on the candidates’ positions.

The letter stated that over 18 million Americans currently hold or trade crypto, making it a pressing issue in the 2024 election cycle. It emphasized the importance of addressing digital asset policy in the first debate between Vice President Kamala Harris and former President Donald Trump.

The letter added:

“Voters deserve to know where the nominees stand on crypto before they head to the ballot box in November.”

Rising adoption

According to the letter, crypto has gained traction across various demographics. Recent polls reveal that one in five Americans has invested in, traded, or used crypto. Moreover, data from the Kansas City Federal Reserve shows that Black investors are more likely to hold crypto than traditional stocks or mutual funds.

With Black, Hispanic, and Asian US adults accounting for 20% of crypto users, the letter noted that crypto policy has become a key issue for underrepresented communities.

Additionally, polling data cited in the letter suggests that Gen Z and Millennial voters are particularly invested in digital asset policy. More than half of these groups support a federal approach that fosters crypto use in the US.

As the 2024 election approaches, 52% of voters believe increased regulation of digital assets is necessary, with one in five registered voters considering it a major issue when casting their ballots.

Clear stance on digital assets

The letter also highlighted the evolving positions of the two major candidates. Former President Trump, who once referred to crypto as a “scam,” has since reversed his stance and is now actively courting crypto voters. His campaign has built a “crypto army” aimed at mobilizing supporters in favor of digital asset adoption.

On the other hand, while Vice President Harris has not yet released a formal crypto policy agenda, one of her senior advisors recently indicated that she is open to regulation that would promote the industry’s growth while protecting consumers.

The letter the need for the candidates to explain how they plan to balance nurturing innovation with safeguarding consumer interests. It added:

“A crypto question at September’s debate could bring voters some much-needed clarity on this important issue.”

With the rising adoption of digital currencies and ongoing discussions about regulatory frameworks, the Chamber of Progress hopes this debate will provide a platform for clear positions on the future of crypto in the US.

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