On August 8, several key figures from the crypto world participated in a virtual meeting with U.S. officials to address regulatory issues surrounding digital assets.
The meeting, hosted by California Representative Ro Khanna, included representatives from major cryptocurrency companies, such as Paul Grewal (Chief Legal Officer) of Coinbase Global, David Ripley (CEO of Kraken), Brad Garlinghouse (CEO of Ripple) and Jeremy Allaire (CEO of CIRCLE).
The current regulatory environment under the Biden presidency has been called into question. Yahoo Finance reported that U.S. Securities and Exchange Commission Chairman Gary Gensler, who has been heavily criticized for his strict approach to regulating cryptocurrency-related businesses, was among the top concerns raised by crypto industry executives during the discussion. They suggested that replacing Gensler could help improve the regulatory framework.
Present at the meeting on the Biden administration side were National Economic Council Director Lael Brainard, White House Deputy Chief of Staff Bruce Reed and Vice President Kamala Harris’ senior adviser Kristine Lucius.
With President Biden announcing he will not seek re-election, the cryptocurrency industry is eager to influence Vice President Harris’ campaign. However, neither Harris nor her running mate, Minnesota Governor Tim Walz, have included cryptocurrencies in any major way in their campaign plans.
Former President Donald Trump, meanwhile, has shown strong support for cryptocurrency. He has promised to accept digital currency donations and to impeach Gensler if elected. He also opposes the introduction of a digital currency from the U.S. central bank.
Also read: BREAKING NEWS: Judge Orders Ripple Labs to Pay $125 Million in SEC Case
