‘They are not the right people to lead’
US Congressman Dean Phillips, who is running against Joe Biden for the Democratic nomination in the 2024 presidential election, says there are “very few” people in Congress who understand digital assets right now.
Speaking at a Dec. 11 presidential crypto forum in New Hampshire, Phillips said he “doesn't know everything” about financial technology and cryptocurrency, but criticized US President Joe Biden and former President Donald Trump for their positions. The US lawmaker was the third presidential candidate to address the New Hampshire crowd, following Republicans Vivek Ramaswamy and Asa Hutchinson.
“The two leading candidates right now, on the left and the right, are in no position to help us, to prepare us, to anticipate it, and to lead us into the next century,” Phillips said. to crypto. “Joe Biden and Donald Trump are not the right people at their age and stage of life to lead us forward.”
He added:
It is not irresponsible or unreasonable to think that your government will do two things at once: both think about regulations but think about how much change will be made in a positive way.
Phillips said he has not personally invested in digital assets such as Bitcoin (BTC) or virtual tokens (NFTs), adding that any investments he might hold would be in a blind trust and citing conflicts of interest in his legislative role. Members of Congress must disclose investments, including those in digital currencies, but there are no significant consequences for lawmakers who delay the application.
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At the time of publication, all presidential candidates who have spoken on the Crypto Presidential Forum trail by multiple digits, along with Presidents Biden and Trump. Ramaswamy is one of the most outspoken Republicans on digital assets, having released a crypto-specific policy platform at the North American Blockchain Summit in November.
While Trump's campaign is in the digital asset space — selling his own line of NFTs — the former president has said little publicly about cryptocurrency. President Biden issued an executive order in 2022 to establish a regulatory framework for digital assets. Justice Department officials in the Biden administration have indicted former FTX CEO Sam Bankman-Fried, former Binance CEO Changpeng Zhao and former Celsius CEO Alex Mashinsky.
Disagreement in Congress, including the 21st Century Financial Innovation and Technology Act, or FIT21, contributed to crypto bills not being enacted into law, Phillips said. The bill, among others, has yet to come up for a full vote in the House following a government shutdown and Republican lawmakers dragging their feet on electing a new House speaker.
Magazine: Legislators' fear and skepticism fuel proposed crypto regulations in the US.
