As a seasoned researcher with a background in technology and finance, I have witnessed the rapid growth and transformation of the digital asset industry over the past decade. The potential of blockchain and crypto assets to drive economic growth, innovation, and financial inclusion is undeniable, and it’s essential that policymakers take a proactive approach to support this emerging sector.
The Digital Chamber of the Blockchain Industry, a trade association, urges US Vice President Kamala Harris to adopt a favorable stance towards cryptocurrencies. This request comes after President Joe Biden did not select Harris as his running mate during the Democratic primaries. Key figures in the crypto sector persist in advocating for supportive regulations.
Digital Chamber Pitches Crypto Stance for VP Harris
The Digital Chamber has encouraged Vice President Kamala Harris, who is the U.S. Vice President and a potential Democratic nominee, to move closer to the industry by adopting a progressive stance on blockchain technology and cryptocurrencies. In a recent correspondence addressed to Harris, the organization expressed its hope for her support in harnessing the immense economic potential, innovative capabilities, and financial inclusivity offered by these sectors.
Approximately 50 million Americans have adopted digital assets as a groundbreaking method to expand access to finance, foster innovation, and generate fresh economic prospects. Statistics indicate that this trend is particularly strong among Black, Latino, and immigrant communities, who are significant voting blocs for the Democratic Party, adopting digital assets at faster rates than conventional financial instruments.
The group emphasized that digital assets encompass more than just financial instruments; they bring about regulatory changes to foster transparency and reduce fraud. Notably, the blockchain community urged Harris to focus on three key areas: promoting pro-digital asset policies within the party, choosing a vice presidential candidate with experience in vehicle policy, and collaborating with industry leaders. In essence, these steps would help solidify the Democratic Party’s stance on digital assets.
The Biden administration has drawn criticism from the cryptocurrency industry, causing some industry heads to support Donald Trump in the elections instead.
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Industry Executives Push For Positive Regulations
As a researcher studying the digital asset industry, I’ve noticed that the Digital Chamber’s recent letter signifies another important move towards establishing regulations and advocating for the market. Over the past two years, there has been growing criticism from crypto holders regarding the surge in lawsuits filed by the Securities and Exchange Commission (SEC) against digital asset firms.
Following the development of Super PACs prior to the U.S. election in support of pro-industry candidates, sentiments among legislators may have shifted. The advancement of the FIT 21 bill and efforts to repeal SAB 121 could potentially impact their stance on institutions serving as crypto custodians.
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2024-07-22 18:12