The Chamber of Progress, a tech industry coalition promoting digital innovation, has urged moderators of the upcoming ABC presidential debate to include a key question about cryptocurrency regulation.
In a Sept. 5 letter to hosts Lindsay Davis and David Muir, the group highlighted the expanding role of digital assets in the U.S. economy and called for transparency in the candidates' positions.
The letter noted that more than 18 million Americans currently hold or trade cryptocurrencies, making it a pressing issue in the 2024 election cycle, and stressed the importance of discussing digital asset policy in the first debate between Vice President Kamala Harris and former President Donald Trump.
The letter adds:
“Voters have a right to know where candidates stand on cryptocurrency before heading to the ballot box in November.”
Increased recruitment
According to the letter, cryptocurrencies are gaining popularity across demographics: Recent polls have found that one in five Americans have invested in, traded or used cryptocurrencies. Additionally, data from the Federal Reserve Bank of Kansas City shows that Black investors are more likely to hold cryptocurrencies than traditional stocks or mutual funds.
Black, Hispanic, and Asian adults in the U.S. make up 20% of cryptocurrency users, making crypto policy a key issue for underrepresented communities, the letter noted.
Additionally, polling data cited in the letter suggests that Gen Z and millennial voters are especially interested in digital asset policy, with more than half of these groups supporting a federal approach to promoting cryptocurrency use in the United States.
As the 2024 election approaches, 52% of voters believe that greater regulation of digital assets is necessary, with one in five registered voters considering this a key issue when voting.
A clear stance on digital assets
The letter also highlights the shifting positions of the two leading candidates. Former President Trump, who once called cryptocurrencies a “scam,” has since reversed course and is now actively wooing crypto supporters. The Trump campaign has formed a “crypto army” aimed at mobilizing supporters in favor of the introduction of digital assets.
Meanwhile, Vice President Harris has yet to release a formal cryptocurrency policy agenda, but one of her senior advisers recently suggested she is open to regulations that foster industry growth while protecting consumers.
The letter said candidates must explain how they plan to balance fostering innovation with protecting consumer interests.
“If a question about cryptocurrency is asked in the September debate, voters could get some much-needed clarity on this important issue.”
As adoption of digital currencies increases and debates over regulatory frameworks continue, the Progressive Chamber hopes that this discussion will provide a platform to take a clear stance on the future of cryptocurrencies in the United States.
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