Crypto Execs Butt Heads with Democrats in Fiery Zoom Meeting

Crypto Reporter

Shalini Nagarajan

Crypto Reporter

Shalini Nagarajan

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Shalini is a crypto reporter who provides in-depth reports on daily developments and regulatory shifts in the cryptocurrency sector.

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Last updated:

August 8, 2024 21:14 EDT

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A virtual meeting aimed at mending ties between the crypto industry and the Democratic Party reportedly went sour on Thursday morning. This incident highlights the challenges progressive crypto advocates face in securing industry support for Kamala Harris’s presidential campaign.

The Zoom meeting, hosted by Congressman Ro Khanna, aimed to bridge the gap between the Democratic Party and the crypto industry during a contentious election year, Fox Business reported Thursday.

This industry has felt the weight of heavy regulations under the Biden Administration. With Vice President Kamala Harris leading the Democratic ticket, the party is eager to recapture crypto votes from GOP opponent Donald Trump. Trump has recently supported the industry, promising to make the US a global hub for cryptocurrency.

At a similar meeting in July, industry execs voiced their concerns to a senior White House official about the unfair treatment they felt under the Biden administration.

Crypto Execs Confront Biden Aides in High-Profile Meeting

About twenty individuals participated in the call, including high-ranking Biden administration officials such as the Deputy Treasury Secretary Wally Adeyemo and Deputy Director of the National Economic Council Lael Brainard. Harris’ senior advisor was also in attendance.

Representing the cryptocurrency industry were prominent figures like billionaire tech entrepreneur Mark Cuban, SkyBridge Capital founder Anthony Scaramucci, and venture capitalist Ron Conway. Additionally, a group of executives from crypto platforms like Ripple, Coinbase, Kraken, and Uniswap were present.

Tensions Rise as Crypto Heads Clash with White House

Instead of constructive dialogue, industry heads launched into a tirade against White House officials, blaming stringent regulatory oversight from agencies such as the SEC and Federal Reserve. Echoing their complaints from a prior meeting, attendees voiced discontent about the Biden administration’s alleged unfair treatment of the industry.

An attendee noted that executives openly criticized administration representatives, detailing the significant harm they believe has been done to both the crypto industry and the Democratic Party due to actions taken against digital assets.

Adeyemo reassured attendees that neither banks nor regulators were intentionally excluding the crypto industry from the wider financial system. Nonetheless, tensions flared when a crypto executive asked for a show of hands from those who had been denied banking services because of White House policies.

Nearly all the crypto representatives present raised their hands, underscoring the industry’s broad challenges in gaining access to traditional banking services.