Representative Dean Phillips, who’s running for the Democratic nomination in the 2024 presidential election, spoke at the Crypto Presidential Forum. He pointed out that there are very few members of Congress who understand digital assets. Phillips criticized both President Joe Biden and former President Donald Trump for their lack of understanding of cryptocurrency, saying they are not the right leaders for the future.
According to Phillips, the current leading candidates from both parties are not prepared to handle the transformative impact of crypto on our society. He emphasized the need for the government to simultaneously consider regulations and recognize the positive transformations brought about by digital assets.
Phillips clarified that he personally hasn’t invested in cryptocurrencies like Bitcoin or NFTs. If he were to invest, it would be in a blind trust to avoid conflicts of interest as a lawmaker. He mentioned the lack of significant consequences for lawmakers who delay disclosing their investments, including those involving digital currencies.
At the Crypto Presidential Forum, Phillips highlighted the dysfunction within Congress, attributing it to the delay in passing crypto-related bills, including the FIT21 Act. He suggested that internal issues, potential government shutdowns, and delays in selecting a new House Speaker have hindered the progress of these bills in Congress. Phillips was the third candidate to speak at the forum, following Republicans Vivek Ramaswamy and Asa Hutchinson, but all candidates were trailing by significant margins in polls compared to Biden and Trump.
