Crypto Coalition Urges Biden and Harris for Clear Digital Asset Regulations
Key Insights:
- Crypto coalition demands clear U.S. regulations, citing consumer harm and loss of market share to unregulated entities.
- Bipartisan support is seen for crypto regulation, as House passes FIT21 amid the Biden administration’s opposition.
- Kamala Harris names Tim Walz as VP running mate, aiming to strengthen rural appeal in the upcoming election.
A coalition of over 50 cryptocurrency firms has contacted U.S. President Joe Biden and Vice President Kamala Harris, calling for establishing clear regulatory guidelines for the digital asset industry. The Crypto Market Integrity Coalition (CMIC), which includes prominent members like Coinbase, Circle, and The Digital Chamber, expressed concern over the current regulatory enforcement strategy.
The coalition argued that the lack of clear rules has caused compliant U.S. firms to lose customers and market share to entities that operate without regulations.
In their letter, the coalition highlighted that jurisdictions such as the European Union, Japan, and the United Kingdom have made significant strides in creating regulatory frameworks for the crypto industry. The CMIC emphasized that clear regulations could have prevented many of the financial losses suffered by consumers over recent years. The coalition members have pledged to uphold market integrity and set strong industry standards to monitor and eliminate market misconduct.
Call for Legislative Action
The CMIC urged the Biden administration to collaborate with Congress to enact foundational legislation for the digital asset industry. The coalition warned that missing this legislative opportunity would have consequences both domestically and internationally. Over the past year, U.S. lawmakers have been working on bills to regulate the crypto industry.
In May, the U.S. House passed the Financial Innovation and Technology for the 21st Century Act (FIT21), a Republican-led initiative supported by 71 Democrats, including former Speaker of the House Nancy Pelosi.
Despite the passage of FIT21, the Biden administration has opposed the bill but has shown willingness to work with lawmakers on crafting appropriate legislation. The coalition’s letter underscored the need for clear rules to protect consumers and foster innovation within the industry.
Crypto in the Upcoming Election
As the election season approaches, the crypto industry has garnered significant attention. Millions of dollars have been funneled into crypto-related super political action committees, with presidential candidates Kamala Harris and Donald Trump reaching out to the industry.
The Republican Party has expressed support for crypto firms and investors in its 2024 election platform, promising to end what it calls an “unlawful and un-American crackdown” on the U.S. crypto industry. Former President Trump has also shown a friendly stance towards the industry.
On the other hand, Kamala Harris’ team has begun engaging with the crypto industry following President Biden’s announcement that he would not seek reelection and his endorsement of Harris as his successor. Although Harris has not yet publicly taken a position on crypto, her team’s outreach indicates a potential shift in the administration’s approach.
On Wednesday, the advocacy organization Stand with Crypto announced two new hires to bolster its efforts. Logan Dobson will take on the role of executive director, bringing experience from his previous position as a senior aide to Senator Cory Gardner.
Sabrina Siddiqui will serve as senior communications advisor, having worked as a spokesperson for tax and economic policy in the Obama Administration’s Treasury Department. These appointments strengthen the advocacy group’s communication and strategic efforts in promoting clear and fair regulations for the crypto industry.
Harris Announces Running Mate for Presidential Campaign
In a recent announcement, Democratic presidential candidate Kamala Harris revealed Minnesota Governor Tim Walz as her vice-presidential running mate. This strategic choice aims to broaden her appeal to rural and white voters as the election draws closer. Harris expressed her confidence in Walz’s leadership and track record in Minnesota, emphasizing his experience and dedication to getting things done for families.
Governor Walz, 60, has a diverse background that includes service in the U.S. Army National Guard and a career as a teacher. He entered politics by winning a seat in the U.S. House of Representatives in 2006, representing a district with a Republican-leaning voter base. Walz’s selection as Harris’s running mate is expected to bring a seasoned and pragmatic approach to the campaign.
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