On August 8, prominent figures from the cryptocurrency industry engaged in a virtual discussion with U.S. officials to tackle regulatory challenges facing digital assets.
The meeting, organized by California Representative Ro Khanna, featured key representatives from major cryptocurrency firms, including Paul Grewal, Chief Legal Officer of Coinbase Global; David Ripley, CEO of Kraken; Brad Garlinghouse, CEO of Ripple; and Jeremy Allaire, CEO of Circle.
Central to the discussion was the regulatory framework under President Biden’s administration, which has been criticized for its stringent policies on crypto-related activities. According to Yahoo Finance, concerns were raised about U.S. Securities and Exchange Commission Chair Gary Gensler’s tough stance on regulation. Executives suggested that a change in leadership might improve the regulatory landscape.
From the Biden administration, the meeting included National Economic Council Director Lael Brainard, White House Deputy Chief of Staff Bruce Reed, and Kristine Lucius, Senior Advisor to Vice President Kamala Harris.
With President Biden announcing he will not run for reelection, the cryptocurrency sector is keen to shape the campaign of Vice President Harris, though cryptocurrency has not been a major focus in her campaign agenda or that of her running mate, Minnesota Governor Tim Walz.
In contrast, former President Donald Trump has demonstrated strong support for the cryptocurrency sector. Trump has pledged to accept digital currency donations and remove Gensler from his position if elected. He has also expressed opposition to the establishment of a U.S. central bank digital currency.
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