The Chamber of Progress, a tech industry coalition that advocates for digital innovation, has urged moderators of the upcoming ABC presidential debate to include a critical question about crypto regulation.
In a letter to moderators Linsey Davis and David Muir on September 5, the organization highlighted the growing role of digital assets in the US economy and called for transparency about the candidates’ positions.
The letter stated that more than 18 million Americans currently own or trade crypto, making it a pressing issue in the 2024 election cycle. It highlighted 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 go to the polls in November.”
Rising adoption
According to the letter, crypto has gained traction across several demographic groups. Recent polls show that one in five Americans has invested in, traded or used crypto. Additionally, data from the Kansas City Federal Reserve shows that Black investors are more likely to own crypto than traditional stocks or mutual funds.
With Black, Hispanic and Asian American adults making up 20% of crypto users, the letter noted that crypto policy has become a key issue for underrepresented communities.
Additionally, the polling data cited in the letter suggests that Generation Z and Millennial voters are especially invested in digital asset policy. More than half of these groups support a federal approach that promotes crypto use in the US.
As the 2024 election approaches, 52% of voters believe greater regulation of digital assets is necessary, with one in five registered voters seeing this as a major problem when casting their vote.
Clear position on digital assets
The letter also highlighted the evolving positions of the two leading candidates. Former President Trump, who once called crypto a “scam,” has since reversed his position 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 yet to release a formal crypto policy agenda, one of her senior advisors recently indicated that she is open to regulations that would promote industry growth while protecting consumers.
The letter highlights the need for candidates to explain how they plan to balance promoting innovation with safeguarding consumer interests. It added:
“A crypto question during the September debate could provide voters with much-needed clarity on this important issue.”
With the increasing adoption of digital currencies and ongoing discussions about regulatory frameworks, the Chamber of Progress hopes that this debate will provide a platform for clear positions on the future of crypto in the US.