Top executives from leading crypto firms held a virtual meeting with White House advisers on Thursday to address concerns about digital assets regulation. The roundtable discussion, which was held virtually, had in attendance representatives from Coinbase, Kraken, Ripple Labs, and Circle. It was led by California Representative Ro Khanna and included prominent figures such as Deputy Chief of Staff Bruce Reed and National Economic Adviser Lael Brainard.
The meeting aimed to clarify what the position of the current administration is regarding crypto regulation. That is, as President Biden’s term draws to an end, and Vice President Kamala Harris gears up to take the presidential mandate.
Interestingly, however, White House advisers failed to make any commitments or policy promises.
Paul Grewal, Chief Legal Officer of Coinbase, highlighted a big contrast between this meeting and his previous interactions with the Harris campaign. Grewal’s recent discussions with the campaign have been more frequent, indicating that the vice president’s team might be reaching out to the crypto industry with more open-mindedness.
This virtual meeting follows a similar roundtable held in July, also organized by Rep. Khanna. However, some participants from the earlier event, including senior adviser Anita Dunn, have since joined a Democratic PAC supporting Harris. This only goes to show the increasing ways by which crypto interests and political strategy continue to cross paths.
Industry Leaders Seek Clearer Crypto Regulation as Presidential Campaign Heats Up
During the call, crypto executives asked for more clarity with regulatory guidelines. They also hinted at the possibility of removing SEC Chair Gary Gensler, who has faced severe criticism for his hostility to the industry. Many crypto firms have continued to struggle under the present regulatory atmosphere, claiming it remains unclear and stifling for innovation.
The peculiar timing of this meeting might be worth noting, though. It comes at a time when the relevance of crypto policy to national polity has become established. Moreso, with the 2024 U.S. presidential election just around the corner, and both major parties sharpening their positions on digital assets.
For instance, Republican nominee Donald Trump has openly supported the crypto sector. On several occasions, he has advocated for Bitcoin mining while also condemning the idea of central bank digital currencies (CBDCs).
To show that the Democrats are not anti-crypto as they are widely accused and possibly to improve the vice president’s appeal among crypto enthusiasts, Democratic supporters have also launched a “Crypto for Harris” initiative.
As the campaign season heats up, the involvement of the crypto industry in political discourse is expected to increase. This will most likely pressure candidates to clarify their stances on crypto regulation.
