[NEWS] House of Representatives members express hope for roadmap showing path to rational regulation of crypto assets

After hosting a meeting with crypto industry executives, U.S. Democratic Congressman Ro Khanna (California) said he expects to issue a positive statement in the coming weeks, including a roadmap showing the path to rational regulation of crypto assets.

On July 10, Ro Khanna hosted a Zoom meeting with crypto industry heavyweights and Democratic candidate Kamala Harris' presidential campaign leaders.

The Zoom meeting was aimed at making peace during a contentious election year with the crypto industry, which has been the target of major regulatory tightening implemented by the Biden administration's financial regulators.

The Democrats sought to help Harris shift her stance to support the crypto industry and regain support from former Republican President Donald Trump, who claimed to make the United States the crypto center of the world.

The meeting was attended by about 20 people. Biden administration officials included Deputy Secretary of the Treasury John Adeyemo, Chair of the National Economic Council Lael Brainard, Deputy Chief of Staff Bruce Reed, and Harris' senior adviser Christine Lucius.

Cryptocurrency industry officials included cryptocurrency investor Mark Cuban, Skybridge Capital founder Anthony Scaramucci, venture capitalist Ron Conway, and executives from cryptocurrency companies such as Ripple, Coinbase, Kraken, and Uniswap.

At the meeting, White House officials were reportedly grilled over regulatory attacks by government agencies such as the Securities and Exchange Commission (SEC) and the Federal Reserve Board (FRB).

The meeting was reportedly a repeat of a roundtable hosted by Khanna in Washington DC last month, where industry executives complained to White House officials about the unfair treatment they received under the Biden administration.

Tense meeting

But the executives did not hesitate to convey how much the actions on digital assets have damaged the cryptocurrency industry and the Democratic Party. Those complaints were taken seriously by government officials and accepted.

For example, when Conway, an early investor in Coinbase, expressed dissatisfaction with the administration's empty promises to the crypto industry, and Adeyemo told the audience that banks and regulators are not trying to separate the crypto industry from the entire financial system, there was a tense moment when crypto industry executives asked the audience to show their hands if any companies had been denied banking services due to White House policies, and almost everyone in the industry raised their hands. 

In light of these meetings, Rep. Khanna argued, "I look forward to a forward-looking statement in the coming weeks that includes a roadmap to reasonable regulation so that these companies can comply with the laws of the country, innovate in the United States, create millions of jobs, and ensure that this is a bipartisan issue. This technology is central to winning in the 21st century and the digital economy." 

There is no doubt that the Harris camp will be positive about the statement by the Democratic cryptocurrency supporters. Now, the key to the election is whether or not to get the cryptocurrency industry on their side.

Reference: Ro Khanna
Image: Shutterstock

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