2024 Candidate Dean Phillips Calls for Better Crypto Understanding in Congress
Summary:
Democratic 2024 Presidential Candidate Dean Phillips declared that Congress needs to better understand digital assets. Speaking at the recent Crypto Presidential Forum, he criticized both President Joe Biden and ex-President Donald Trump for their lack of knowledge and approach to cryptocurrency. He also highlighted a government's dual role in considering regulations while recognizing the potential transformative power of fintech. Phillips, who has yet to invest personally in digital assets, asserts that any potential investments would be held in a blind trust. This comes against a backdrop where all presidential hopefuls speaking at the Crypto Forum currently trail behind Biden and Trump considerably according to polls.
Democratic 2024 Presidential Candidate and U.S. Representative Dean Phillips stated that the current Congress has a marginal understanding of digital assets. While at the Crypto Presidential Forum in New Hampshire on December 11, Phillips confessed he might not be fully versed in fintech and cryptocurrency yet voiced concerns about President Joe Biden and ex-President Donald Trump's views on the subject. He was the third presidential nominee to speak to the New Hampshire audience, coming after Vivek Ramaswamy and Asa Hutchinson, both Republicans.
In Phillips' view, both left and right political frontrunners for the American presidency do not possess adequate insights required to comprehend, anticipate and harness the potential of cryptocurrencies into the future. He questioned the suitability of Joe Biden and Donald Trump to be at the helm, considering their age and life stage.
Phillips iterated that it was not far-fetched nor irrational to expect a government capable of both contemplating regulations and recognizing the beneficial transformation potential of the technology.
Though he hasn't personally invested in Bitcoins or Non-fungible Tokens (NFT), Phillips pointed out that any potential investments he might have would be held in a blind trust, highlighting the conflicts of interest that come with his position as a lawmaker. Despite the requirement for Congress members to disclose investments, including those pertaining to digital currency, there are no considerable repercussions for those who fail to declare in a timely manner.
As of the time of the report, all the presidential aspirants who addressed attendees at the Crypto Presidential Forum were trailing far behind President Biden and Trump according to numerous polls. Vivek Ramaswamy, a Republican, has been noted for his vocal stance on digital assets, having shared a crypto-focused policy framework at the North American Blockchain Summit held in November.
Former President Trump, although he has ventured into digital asset-related activities including trading his own NFTs, has seldom publicly addressed cryptocurrency. In 2022, President Biden issued an executive directive to establish regulatory guidelines for digital assets. During his administration, the Justice Department has indicted former FTX CEO Sam Bankman-Fried, ex-Binance CEO Changpeng Zhao, and previous Celsius CEO Alex Mashinsky.
Phillips opines that the dysfunction within Congress has inhibited the signing into law of crypto bills, including the Financial Innovation and Technology for the 21st Century Act or FIT21. Despite numerous setbacks including looming government shutdowns and the Republican hesitation in appointing a new House Speaker, this bill, and others similar to it, have yet to be fully voted on in the House of Representatives.
Published At
12/12/2023 7:54:40 PM
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