Nikolas Sargeant
A virtual meeting aimed at improving relations between the cryptocurrency industry and the Democratic Party reportedly turned contentious on Thursday. The event underscores the difficulties faced by progressive crypto advocates in garnering industry support for the upcoming presidential campaign.
Congressman Ro Khanna hosted the Zoom meeting to address the widening gap between the Democratic Party and the crypto sector during a crucial election year, according to Fox Business.
The industry has faced increased regulatory scrutiny under the current administration. As the Democrats seek to regain crypto-friendly voters from Republican challenger Donald Trump, who has recently pledged support for the sector, tensions remain high.
This meeting follows a similar event in July where industry executives voiced concerns about perceived unfair treatment under the current administration.
High-Profile Attendees Gather for Crucial Dialogue
The call included about twenty participants, featuring senior Biden administration officials like Deputy Treasury Secretary Wally Adeyemo and Deputy Director of the National Economic Council Lael Brainard. A senior advisor to the Democratic presidential candidate was also present.
On the industry side, notable figures included tech entrepreneur Mark Cuban, SkyBridge Capital's Anthony Scaramucci, and venture capitalist Ron Conway. Executives from major crypto platforms such as Ripple, Coinbase, Kraken, and Uniswap also joined the discussion.
Meeting Highlights Ongoing Regulatory Friction
Rather than fostering cooperation, industry leaders reportedly criticized White House officials over what they perceive as overly strict oversight from regulatory bodies like the SEC and Federal Reserve. Participants reiterated complaints from previous discussions about the administration's approach to the crypto sector.
An attendee reported that executives openly expressed their dissatisfaction, citing significant damage to both the industry and the Democratic Party's standing due to actions taken against digital assets.
While Adeyemo assured attendees that there was no intentional exclusion of the crypto industry from the broader financial system, tensions escalated when a crypto executive called for a show of hands from those denied banking services due to administration policies. The majority of industry representatives present raised their hands, highlighting widespread challenges in accessing traditional financial services.
