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Crypto executives speak to White House advisers, but no promises made
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Crypto executives speak to White House advisers, but no promises made

Key learning points

  • Crypto executives discussed policy with the White House as Biden’s term ends.
  • During the meeting, the need for clearer regulations for cryptocurrencies was emphasized.

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Executives from major crypto companies joined a virtual call with White House advisers and Kamala Harris’ staff to discuss concerns about current digital asset policies and ask for regulatory clarity.

The Zoom call, held Thursday, included representatives from Coinbase, Kraken, Ripple Labs, Circle and other prominent figures in the crypto industry. White House advisers including Deputy Chief of Staff Bruce Reed and National Economic Advisor Lael Brainard were in attendance, along with California Rep. Ro Khanna, who hosted the meeting.

Participants discussed potential changes in the administration’s approach to crypto policy as President Biden’s term draws to a close and Vice President Harris prepares to launch her presidential campaign. However, White House advisers reportedly made no promises or policy commitments during the call.

Coinbase Chief Legal Officer Paul Grewal, who attended the meeting, noted that the conversation was “in stark contrast” to his recent experience with the Harris campaign. Grewal has spoken directly to the campaign multiple times over the past two weeks, signaling a growing engagement with the crypto industry.

The virtual event follows an in-person roundtable in July that was also hosted by Rep. Khanna. Crypto Briefing previously reported on the virtual gathering. Some of the attendees at that meeting, including Biden’s senior adviser Anita Dunn, have since joined a Democratic political action committee that is supporting Harris’ campaign.

Crypto executives used the call to call for regulatory clarity and hinted at the potential removal of SEC Chairman Gary Gensler, who has been criticized for his enforcement-heavy approach to the industry. Many companies have struggled to find a clear path to operating legally in the U.S. under current regulations.

The meeting underscores the growing political importance of crypto policy. While Harris’ campaign has yet to announce specific positions on crypto issues, Republican candidate Donald Trump has openly embraced the industry, pledging to support Bitcoin mining and oppose central bank digital currencies (CBDCs).

As the 2024 election approaches, with less than 90 days to go, the crypto industry’s involvement in both campaigns is likely to increase. Market prediction platform Polymarket currently rates the election outcome as a “tossup” between Harris and Trump, with the odds halved.

This high-level discussion underscores the crypto industry’s efforts to shape future regulatory frameworks and its growing influence in political circles. As campaign season progresses, both major parties may need to clarify their positions on digital assets to woo an increasingly vocal and politically active crypto community.

Recently, several Democratic supporters have started a campaign titled “Crypto for Harris” to increase the candidate’s chances of securing votes from the crypto bloc.

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