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Dean Phillips, a member of the United States House of Representatives and a candidate for the Democratic nomination in the 2024 Presidential Election, expressed his concern about the lack of understanding of digital assets among Congress members. Speaking at the Crypto Presidential Forum in New Hampshire, Phillips criticized both President Joe Biden and former President Donald Trump for their positions on financial technology and cryptocurrency.
Phillips emphasized the need for leaders who can comprehend and prepare for the transformative potential of digital assets. He argued that Biden and Trump, due to their age and stage of life, are not the right people to lead the country forward in this regard.
While Phillips acknowledged that regulations should be considered, he also highlighted the positive impact that digital assets can have. He disclosed that he personally has not invested in cryptocurrencies or nonfungible tokens (NFTs), and any potential investments he might hold would be in a blind trust to avoid conflicts of interest.
Phillips pointed out the dysfunction within Congress as a hindrance to passing crypto-related bills into law. He specifically mentioned the Financial Innovation and Technology for the 21st Century Act (FIT21), which has yet to face a full vote in the House due to potential government shutdowns and delays in selecting a new House Speaker.
At the time of the forum, Phillips and other presidential candidates were trailing significantly behind President Biden and Trump in the polls. While some Republican candidates, like Vivek Ramaswamy, have been vocal about digital assets, Trump has rarely spoken publicly on the topic. President Biden, on the other hand, issued an executive order in 2022 to establish a regulatory framework for digital assets and has seen his administration charge prominent figures in the crypto industry.
Overall, Phillips highlighted the need for leaders who can understand and navigate the complexities of digital assets, while also considering their potential positive impact.