Crypto leaders met in Washington D.C. to express frustration over the Biden administration’s regulatory crackdown.
Anita Dunn attended the meeting and was surprised by the industry’s description of SEC actions.
Donald Trump has gained crypto industry support amid Biden’s regulatory actions, with significant campaign contributions from industry figures.
Top cryptocurrency executives confronted the Biden administration in Washington, D.C., on Wednesday, condemning what they saw as unfair regulatory attacks. California Congressman Ro Khanna and tech entrepreneur Mark Cuban co-organized the event, which took place at the Willard Hotel.
NEW: Just got some more detail from the @RoKhanna/@mcuban #crypto roundtable from a source: "A chunk of the meeting consisted of industry describing their terrible experiences with the @SECGov. Anita Dunn seemed genuinely surprised by our description of the SEC's actions."I…
— Eleanor Terrett (@EleanorTerrett) July 11, 2024
Over 30 influential people, such as Senator Kirsten Gillibrand, Ripple CEO Brad Garlinghouse, Anthony Scaramucci, and Mike Novogratz (former hedge fund manager), were present at the invite-only meeting. Officials from key cryptocurrency firms and trade associations were also in attendance, underscoring widespread industry concerns.
Anita Dunn, a senior advisor to President Biden, attended the conference but appeared unprepared for the industry’s harsh criticism. Many in attendance felt the SEC had overstepped its boundaries by intervening in matters that directly affected competition and creativity.
Amid Biden’s regulatory stance, Donald Trump has garnered support from the crypto community, with significant contributions from figures like the Winklevoss twins. Their $1.7 million contribution to Trump’s campaign underscores the political stakes of crypto regulation. Trump has positioned himself as a champion of the industry, promising to “end Biden’s war on crypto” and adopt a more favorable regulatory approach.
Mark Cuban described the meeting as advantageous to both the government and crypto industry. Cuban stated that the right people from the Senate, House, and White House were present. He expressed optimism about potential changes in how the Biden administration and Democrats support crypto.
The heated meeting underscored the growing tension between the crypto industry and the Biden administration. Industry leaders clearly conveyed their frustrations, but it remains to be seen whether this will lead to any policy shifts.
With the election approaching, the administration’s stance on crypto regulation could significantly impact voter support. The responsibility for addressing these issues and possibly changing their regulatory strategy to keep the crypto sector’s backing now lies with the White House.
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