Democratic Presidential Candidate Dean Phillips Says Biden and Trump Don’t “Understand” Crypto

Last updated: December 12, 2023 02:38 EST
. 2 min read

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Addressing the Crypto Presidential Forum in New Hampshire on Monday, Phillips admitted he did not “know it all” about financial technology and cryptocurrency. However, he emphasized that there are currently "very few" individuals in Congress who possess a deep understanding of digital assets. — Source: Pixabay

Representative Dean Phillips, a member of the United States House of Representatives running against Joe Biden for the Democratic nomination in the 2024 presidential election, recently criticized President Joe Biden and former President Donald Trump for their positions on crypto.

Addressing the Crypto Presidential Forum in New Hampshire on Monday, Phillips admitted he did not “know it all” about financial technology and cryptocurrency. However, he emphasized that there are currently “very few” individuals in Congress who possess a deep understanding of digital assets.

The representative from Minnesota also blasted Biden and Trump as “absolutely not in positions to understand it [crypto].”

“The two leading candidates right now, on both the left and the right, for the U.S. presidency are absolutely not in positions to understand it, prepare us for it, anticipate it, and lead us into the next century,” Phillips said. “Joe Biden and Donald Trump, at their age and stage of life, are simply not the right people to lead us forward.”

Phillips also called for balance regarding crypto regulatory actions, saying crypto could be positively “transformative.”

“It is not irresponsible or unreasonable to think that your government would do two things at once: both consider regulations but at the same time consider how transformative in a positive way it can be,” Phillips noted.

Phillips also highlighted the lack of action from Washington in fostering the growth of crypto as a symptom of Congressional dysfunction. He pointed out that members of Congress often prioritize conversations with those who contribute to their re-election campaigns rather than focusing on the work that serves the interests of the people.

Phillips mentioned legislative acts such as the Financial Innovation and Technology for the 21st Century Act, which, despite its potential significance, has not undergone a full vote in the House. Delays stem from possible government shutdowns and a sluggish process in selecting a new House Speaker, particularly with some Republican lawmakers taking their time.

The Minnesota representative was the third presidential candidate to speak, following Republicans Vivek Ramaswamy and Asa Hutchinson. Ramaswamy has been one of the most outspoken Republicans on digital assets, releasing a crypto-focused policy platform at the North American Blockchain Summit in November, while Hutchinson was also vocal about his support for crypto.

“I want to assure you that I want, under my administration, to make sure that crypto assets, the crypto industry flourishes,” Hutchinson said. “Let me repeat that, I want the crypto industry to flourish in America and that the United States will lead.”