Summary:
- Heated Exchange: A virtual meeting aimed at repairing relations between the crypto industry and the Democratic Party quickly turned tense as industry leaders criticized the Biden administration’s regulatory approach.
- Key Participants: The call included notable figures such as California Congressman Ro Khanna, Deputy Treasury Secretary Wally Adeyemo, and crypto leaders like Mark Cuban, Anthony Scaramucci, and executives from major firms like Coinbase and Ripple.
- Regulatory Concerns: Crypto executives expressed frustration over the regulatory crackdown, with nearly all attendees indicating their firms had faced banking challenges due to White House policies.
A virtual meeting hosted by California Congressman Ro Khanna on Thursday intended to mend relations between the crypto industry and the Democratic Party quickly turned contentious. The event, aimed at building support for Vice President Kamala Harris’s 2024 presidential campaign, saw crypto executives clashing with top Biden administration officials over the administration’s regulatory stance on digital assets.
The meeting, attended by around twenty participants, including Deputy Treasury Secretary Wally Adeyemo, National Economic Council Deputy Director Lael Brainard, and several prominent figures from the crypto industry, was meant to address grievances and foster cooperation. However, instead of finding common ground, the discussion devolved into a heated exchange, with industry leaders openly criticizing the administration’s approach to crypto regulation.
“Executives didn’t hold back on telling the administration reps how much damage they’ve done to the crypto industry and to the Democrat Party,” an anonymous attendee told Fox Business. The meeting was described as a replay of a similar roundtable held in Washington D.C. last month, where industry leaders aired their grievances to senior White House officials.
One particularly tense moment occurred when Deputy Treasury Secretary Adeyemo claimed that banks and regulators were not actively cutting off the crypto industry from the broader financial system. In response, a crypto executive asked for a show of hands from those whose firms had been denied banking services due to White House policies. Nearly all industry representatives raised their hands, highlighting the deep mistrust within the sector.
The meeting underscored the significant challenges facing progressive crypto advocates as they seek to garner industry support for Kamala Harris’s presidential bid in 2024. With regulatory tensions running high, the path to reconciliation and mutual support appears increasingly difficult.
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