The Chamber of Progress, a tech industry coalition, has called on President Biden to establish clear cryptocurrency regulations in a recent letter.

The coalition highlights the benefits of a comprehensive regulatory framework for digital assets, which could enhance investor confidence and benefit the US economy.

The letter, written by Kyle Bligen, criticises SEC Chair Gary Gensler's ambiguous regulatory approach, which has created uncertainty and devalued digital assets.

The Chamber of Progress emphasises the need for bipartisan legislation to protect consumers and clarify market conditions.

With one in five Americans engaging with digital assets, clear regulations could position the US as a global leader in the digital economy.

The coalition also notes that former President Trump has criticised the current administration’s regulatory stance, suggesting Biden could turn this issue into a political advantage by addressing it effectively.