According to an advocacy group, U.S. President Joe Biden still has an opportunity to counter Donald Trump’s “change of heart on cryptocurrency” by supporting regulation.

In a letter dated July 9, the tech trade group Chamber of Progress urged President Biden to back comprehensive crypto regulation amid concerns about the election and Congress preparing to vote on related legislation. The group asserted that Biden “can still win” the issue of cryptocurrency against Trump, the presumptive Republican nominee.

“Former President Donald Trump has capitalized on the Administration’s lack of clarity to reverse his position on cryptocurrency and portray you as an opponent of American technological leadership and economic progress,” stated the Chamber of Progress in their letter to Biden. “Although [Trump] has recently had a change of heart on cryptocurrency, you still have an opportunity to provide the regulatory clarity that voters are calling for.”

Letter to President Biden from the Chamber of Progress. Source: Chamber of Progress

The group highlighted that Biden’s veto of a resolution overturning a U.S. Securities and Exchange Commission accounting rule on banks and crypto could influence the 2024 election outlook. The Chamber of Progress also pointed to Biden’s opposition to the Financial Innovation and Technology for the 21st Century Act as an action Trump has noted and used to his advantage among his supporters.

This advocacy group is not the first to suggest that crypto and blockchain could be significant factors for voters in the 2024 election between Biden and Trump and candidates at state and local levels. On July 8, the Republican National Committee, co-chaired by Trump’s daughter-in-law Lara, passed a draft policy platform that included advocating for crypto and Bitcoin mining.

The timing of this platform update before Trump’s likely nomination suggested that his campaign saw an opportunity to court crypto-focused voters. President Biden may have the same opportunity, as delegates with the Democratic National Committee will not choose the party’s official nominee until its August convention. Election Day in the U.S. will be on November 5.

Reports have suggested President Biden is exploring the possibility of accepting crypto contributions for his reelection campaign. The Chamber of Progress letter also mentioned reports that Biden plans to attend a roundtable with congressional leaders to discuss digital assets sometime in the next four days.

Source: Cointelegraph