One of the biggest obstacles facing progressive crypto activists in their quest to gain Democratic Party support manifested itself during a moody Zoom call last week.
California Congressman Ro Khanna hosted the meeting, which was meant to help mend frayed ties within the larger bitcoin industry as the party prepares for the upcoming 2024 presidential fight.
This year, however, things look a little different with Kamala Harris as Vice President, leading the Democratic fight by pushing everyone to seek a piece of the overwhelming crypto industry. This year, Donald Trump, who has recently adopted a friendly approach towards the crypto industry, is representing the Republican Party.
Presence of bigwigs
Democratic Party bigwigs were in attendance at the conference, as were other prominent faces in the crypto industry, such as billionaire investor Mark Cuban, Barack Obama’s Deputy Treasury Secretary Wally Adeyemo, SkyBridge Capital founder Anthony Scaramucci, and venture capitalist Ron Conway.
US Deputy Treasury Secretary Wally Adeyemo. (DANIEL LEAL/AFP via Getty Images / Getty Images)
But the talks quickly turned confrontational rather than cooperative. Business leaders were clearly angry at what they saw as a regulatory assault by agencies like the Securities and Exchange Commission.
It felt more like past conferences, where opinions were aired without any action being taken to address the issues, conference attendees commented. Describing how crypto industry executives are deeply concerned about the government’s attitude toward regulation, one respondent said, “They just got yelled at.”
Tensions came to a head at the conference when Mr Adeyemo said that access to the cryptocurrency market was not intentionally restricted by authorities and banks. An angry cryptocurrency CEO retorted if he could show a show of hands of entrepreneurs whose business applications had been rejected by banks.
Almost every hand in the room went up to highlight the point of contention that was the situation regarding the availability of traditional banking services. In many ways, it was an apt metaphor to highlight the situation that the crypto community lives in and that expressed by members of the government.
People’s reactions and what’s in store
Some participants, like Anthony Scaramucci, expressed cautious optimism about the hope of reconciliation amid the hostility. “It’s very encouraging to see these high and important authorities taking the time to come forward and listen to our industry,” Scaramucci said.
His comment sums up his belief that participation, even in the midst of controversy, ensures better long-term outcomes. Coinbase Chief Legal Officer Paul Grewal also highlighted the importance of the event as Harris’ campaign and “strong new face for crypto” are expected to immediately headline the event.
The Future of Crypto and Democrats
Of course, there will be challenges. The road ahead is rocky as the Democratic Party will have to rebuild its often-conflicted relationship with the cryptocurrency industry. The latest Zoom call reminded many of the difficulty of the task ahead.
On one hand, Trump is gaining popularity among crypto voters, while on the other, Democrats must navigate this landscape carefully to regain lost ground. Initiatives like the “Crypto4Harris” campaign are indicative of a conscious effort to better engage with the crypto community.
Featured image from Pixabay, chart from TradingView
