Crypto Executives Engage in Heated Discussion with Democrats in Latest Meeting

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As a seasoned crypto investor with over a decade of experience in this dynamic and evolving market, I find myself deeply concerned about the ongoing tussle between the crypto industry executives and the White House officials. Having witnessed the meteoric rise and fall of various digital assets during my tenure, I can’t help but feel a sense of déjà vu as I watch the regulatory dance unfold.

On Thursday, August 8, crypto leaders held a lively debate with White House authorities over future cryptocurrency regulations, during a virtual Zoom meeting. These crypto leaders, who are also backers of the Democratic party, strive to create a favorable impression for Vice President Kamala Harris in the lead-up to the presidential elections.

In the presence of Representative Ro Khanna from California, the objective of the gathering was to outline a definitive strategy regarding cryptocurrency regulations, following a stringent enforcement period by the Biden administration in recent years.

Yesterday, I joined a Zoom meeting that brought together around twenty participants, among them notable figures such as Lael Brainard (Deputy Director of the National Economic Council), Wally Adeyemo (Deputy Treasury Secretary), and Bruce Reed (Deputy White House Chief of Staff). According to Fox News reports, Kristine Lucius, a senior adviser to Vice President Harris, was also present. However, throughout the call, she remained silent.

Representatives hailing from the cryptocurrency sector included billionaire entrepreneurs such as Mark Cuban, Democratic benefactor Ron Conway (also a venture capitalist), top executives from Ripple, Coinbase, and Anthony Scaramucci (founder of SkyBridge Capital) graced the event with their presence.

Crypto leaders criticized White House authorities following a regulatory onslaught by the Federal Reserve and U.S. Securities and Exchange Commission, as reported by an executive at Fox Business who was present during the meeting.

Executives openly criticized the administration representatives for the harm they perceived their actions have caused to the cryptocurrency sector and the Democratic Party, particularly in relation to digital assets. Essentially, they delivered strong rebukes to them.

For instance, Conway openly expressed his displeasure, as the administration merely promised without action to the sector he’s involved in. However, Conway, who is an early investor in Coinbase, could not be reached for a comment right away when asked.

Crypto Industry Players Lash Out

Custodia Bank’s founder, Caitlin Long, highlighted that the Harris team includes individuals who have been strongly critical of cryptocurrencies in the past. She specifically mentioned an instance where Lael Brainard, during her time at the Federal Reserve, appeared to undermine Custodia Bank.

I’M CALLING B.S. ON THIS: “That is very much seen as moving the ball forward,” the source said [about today’s White House #crypto meeting]. Both Brainard and Adeyemo were “very inquisitive,” they added.” BUT ACTIONS, NOT WORDS, FOLKS. Brainard threw @custodiabank under the bus…

— Caitlin Long 🔑⚡️🟠 (@CaitlinLong_) August 9, 2024

Yesterday’s gathering witnessed another tense instance as Adeyemo assured attendees that financial institutions and regulators were not deliberately cutting off the industry from the wider financial system. However, a representative from the cryptocurrency sector inquired if anyone in the room had experienced being denied banking services due to White House policies. As per two participants’ accounts, the majority of industry professionals raised their hands in affirmation.

Yesterday saw a new development where the US Federal Reserve accused Customers Bank of breaching Anti-Money Laundering (AML) regulations effectively. In response to this incident, Tyler Winklevoss, co-founder of Gemini exchange, expressed his skepticism towards the Harris Crypto Reset, stating that it appears to be a scam. This sentiment arises from the Democrats’ efforts to establish a Crypto for Harris campaign.

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2024-08-09 12:36