The $2-trillion crypto industry has taken center stage in the U.S. electoral spectacle. Congressman D. Ro Khanna is trying to prevent former President Donald Trump from controlling the growing industry.

Trump's Crypto Strategy

Trump has been vocal about his support for crypto. In the last few months, he has been reaching out to the cryptocurrency community, promising to end Biden's administration's fight against crypto if he emerges as president again.

In his campaign speeches, he also promised to support companies that mine Bitcoin. The former president's crypto strategy has earned him the support of big players within the crypto sectors, including some who voted for President Biden in the 2020 election.

Congressman Khanna's Counteractive Measures and the Upcoming Private Roundtable

Concerned that Trump is becoming more popular in the crypto sector, Congressman Khanna is contacting top industry players and Democratic lawmakers.

By next week, Khanna will hold a private meeting that will be attended by over twenty people, including billionaire Mark Cuban and a representative from Biden's administration.

The organizers have kept the event's details secret. They have refused to divulge the location at which the meeting will be held and have yet to release the complete list of those attending.

An event attendee stated: "They haven't disclosed the location, and they will not tell us who is coming from the Biden Administration...There has been a large degree of secrecy around this."

Crypto's Political Clout

Khana, also running for reelection, has always supported cryptocurrency and blockchain. He voted to pass the Financial Innovation Technology for the 21st Century Act (FIT21). Despite his advocacy for crypto, his party needs to be faster to embrace it as a strategy to win votes in the upcoming election.

Per FOX Business, the private roundtable meeting will be attended by top crypto and political figures such as Ripple CEO Brad Garlinghouse, SkyBridge Capital founder and CEO Anthony Scaramucci, executives from Coinbase and Kraken, and Andreessen Horowitz.

Prominent Crypto Figures Leaning Towards Trump

It can be said that the reason Congressman Khanna is doing this is that the cryptocurrency industry seems to be starting to support Donald Trump more, with prominent figures such as the Winklevoss twins of crypto exchange Gemini, who donated $2 million in Bitcoin, another critical figure is Jesse Powell who has also donated to Trump's campaign.

Now that the 2024 election is approaching, fighting for the support of the cryptocurrency community has become an essential part of the politician's campaign strategy. Political figures have continued to meet and confer with crypto industry leaders to share their support for crypto.

For instance, Donald Trump could give a speech at Bitcoin 2024, which will take place in Nashville later this month. Thus, the upcoming election could also affect the future of crypto space in terms of regulation.