A Virtual Meeting Turns Sour

A virtual meeting aimed at mending ties between the crypto industry and the Democratic Party reportedly went sour on Thursday morning.

Congressman Ro Khanna hosted the meeting, which exposed the deep-rooted tensions between the two sides. This incident highlights progressive crypto advocates' challenges in securing industry support for Kamala Harris's presidential campaign.

Bridging the Gap

Fox Business reported Thursday that Congressman Ro Khanna hosted the Zoom meeting to bridge the gap between the Democratic Party and the crypto industry during a contentious election year.

This industry has felt the weight of heavy regulations under the Biden Administration. With Vice President Kamala Harris leading the Democratic ticket, the party is eager to recapture crypto votes from GOP opponent Donald Trump. Trump has recently supported the industry, promising to make the US a global hub for cryptocurrency.

Crypto Execs Confront Biden Aides

At a similar meeting in July, industry execs voiced their concerns to a senior White House official about the unfair treatment they felt under the Biden administration.

About twenty individuals participated in the call, including high-ranking Biden administration officials such as Deputy Treasury Secretary Wally Adeyemo and Deputy Director of the National Economic Council Lael Brainard. Harris' senior advisor was also in attendance.

Billionaire tech entrepreneur Mark Cuban, SkyBridge Capital founder Anthony Scaramucci, and venture capitalist Ron Conway represented the crypto industry. Executives from Ripple, Coinbase, Kraken, and Uniswap were also present.

Tensions Rise as Crypto Heads Clash with White House

Instead of constructive dialogue, industry heads launched a tirade against White House officials, blaming stringent regulatory oversight from agencies such as the SEC and Federal Reserve. Echoing their complaints from a prior meeting, attendees voiced discontent about the Biden administration's alleged unfair treatment of the industry.

n attendee noted that executives openly criticized administration representatives, detailing the significant harm they believe has been done to both the crypto industry and the Democratic Party due to actions taken against digital assets.

Adeyemo reassured attendees that neither banks nor regulators intentionally excluded the crypto industry from the broader financial system.

Nonetheless, tensions flared when a crypto executive asked for a show of hands from those denied banking services because of White House policies. Nearly all the crypto representatives raised their hands, underscoring the industry's broad challenges in accessing traditional banking services.