One of the major obstacles facing progressive crypto activists in their quest to win over the Democratic Party came to light in a moody Zoom conference last week.

California Congressman Ro Khanna hosted the meeting, which was aimed at repairing strained relations within the broader bitcoin sector as the party prepares for the 2024 presidential election.

This year, however, things look a little different with Kamala Harris as Vice President, leading the Democratic party and pushing everyone to grab a piece of the overwhelming crypto industry. This year, Donald Trump, who recently adopted a friendly approach to the crypto industry, represents the Republican Party.

Presence of big names

The Democratic Party’s big names were in attendance at the conference, as were other notable faces from the crypto industry, including billionaire investor Mark Cuban, Barack Obama’s Deputy Treasury Secretary Wally Adeyemo, SkyBridge Capital founder Anthony Scaramucci and venture capitalist Ron Conway.

US Deputy Treasury Secretary Wally Adeyemo. (DANIEL LEAL/AFP via Getty Images / Getty Images)

But the conversation quickly turned confrontational rather than cooperative, with business leaders clearly angry at what they saw as a regulatory onslaught by agencies like the Securities and Exchange Commission.

It felt more like previous conferences, where opinions were aired and there was no follow-up to fix things, conference attendees noted. One interviewee described how strongly crypto leaders feel about the government’s stance on regulation, saying, “They just got yelled at.”

Tensions at the conference rose when Adeyemo said that access to the crypto market was not being intentionally restricted by authorities and banks. An angry crypto CEO responded when he could show that entrepreneurs whose business requests were rejected by banks could raise their hands.

Almost every hand in the room went up to almost underline the point of contention that was the situation over the availability of regular banking services. In many ways, this was a fitting metaphor to underline the situation that the crypto community is living in and that is being expressed by members of the government.

People’s reactions and what the future holds

Some participants, such as Anthony Scaramucci, expressed cautious optimism about the hope for reconciliation amid the hostility. “It’s very encouraging when these high, important authorities take the time to show up and listen to our industry,” Scaramucci said.

His comments summed up his belief that participation, even in the midst of controversy, ensures better results. Coinbase Chief Legal Officer Paul Grewal also stressed the importance of the event, as it should immediately put Harris’ campaign and her potential “strong new face for crypto” in the spotlight.

The Future of Crypto and the Democrats

Of course, there will be challenges. The road is bumpy as the Democratic Party tries to sort out these often contentious relationships with the crypto industry. The latest Zoom call reminded many of the difficult task ahead.

On one hand, Trump is gaining popularity among crypto voters, while on the other hand, Democrats must carefully navigate this landscape to regain the ground that has shifted. Efforts like the “Crypto4Harris” campaign are indicative of a conscious effort to better engage with the crypto community.

Main image from Pixabay, chart from TradingView