Crypto Industry To Meet With White House Officials, Even As Trump Promises To Reverse Biden Administration’s Crackdown On Bitcoin, Ethereum And Other Cryptocurrencies

Crypto Industry to Meet with White House Officials as Trump Vows to Roll Back Biden Administration’s Crackdown on Bitcoin, Ethereum, and Other Cryptocurrencies

Crypto industry executives are expected to meet with White House officials and Rep. Ro Khanna (D-California) to voice their concerns and discuss possible policy changes regarding digital assets.

What Happened: According to Bloomberg, citing a source familiar with the matter, cryptocurrency executives will reportedly meet with Biden administration officials for the second time following a roundtable meeting held in July.

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While the names of the industry executives were not disclosed, they are expected to meet with outgoing White House senior advisor Anita Dunn, national economic advisor Lael Brainard and deputy chief of staff Bruce Reed.

The meeting followed a virtual meeting hosted by Cleve Mesidor, former Obama administration official and executive director of the nonprofit Blockchain Foundation.

The meeting, attended by “a few hundred” participants from the crypto sector, expressed optimism that a potential Kamala Harris presidency would take a friendly stance towards crypto and Web3.

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However, Mesidor asked the cryptocurrency industry to be patient.

“Given all of these priorities and all the different groups that have coalesced around him in the last week and a half, he’s not going to say ‘my top priority is crypto’ or ‘my top priority is climate,'” Mesidor said.

Why It Matters: This comes after cryptocurrency emerged as one of the themes of former President Donald Trump’s election campaigns, with him supporting the digital asset class.

Trump said last week that Bitcoin (CRYPTO:BTC) would rise “like never before” if he won and vowed to fire the current chairman of the Securities and Exchange Commission (SEC), Gary Gensler.

Gensler has been seen as hostile to cryptocurrencies. “I will appoint a new SEC chairman who believes America should be building for the future and not holding it back,” Trump said at the Bitcoin 2024 conference in Nashville.

The Official Monetary and Financial Institutions Forum (OMFIF), an independent finance think tank, has suggested that Harris adopt a crypto-friendly agenda to counter Trump.

However, not everyone seems to be supporting the pro-crypto promises. Renowned economist Paul Krugman has been harshly critical of Trump’s pro-Bitcoin stance, calling it a “government bailout of a scandal-ridden industry.”

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