Dean Phillips, a member of the United States House of Representatives running for the Democratic nomination in the 2024 presidential election, voiced his opinion that there are currently “very few” people in Congress who understand digital assets.
At the Crypto Presidential Forum in New Hampshire on December 11th, he stated that he didn’t have a complete understanding of financial technology and cryptocurrency but pointed out the lack of knowledge of the two leading candidates, Joe Biden and Donald Trump. Phillips believes that they are not the right people to lead us into the next century.
He also said that it is not unreasonable to think that the government should consider regulations, while at the same time considering how transformative the technology can be in a positive way.
Although Phillips has never invested in Bitcoin (BTC) or non-fungible tokens (NFTs), he mentioned that if he did, it would be in a blind trust as he is a public figure and must disclose any investments, including those involving digital currency.
The other presidential candidates that spoke at the Crypto Presidential Forum – Vivek Ramaswamy and Asa Hutchinson – have yet to gain much traction in the polls compared to President Biden and Trump. Ramaswamy has been especially vocal, releasing a crypto-focused policy platform at the North American Blockchain Summit in November.
In 2022, President Biden issued an executive order to establish a regulatory framework for digital assets. The Financial Innovation and Technology for the 21st Century Act, or FIT21, is still awaiting a full vote in the House due to potential government shutdowns and Republican lawmakers dragging their feet on choosing a new House Speaker.
Overall, Phillips believes that U.S. lawmakers have a long way to go in understanding digital assets, and that the two leading candidates are not well-equipped to lead the nation in this area.