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A virtual gathering intended to repair relations between the cryptocurrency sector and the Democratic Party reportedly took a negative turn on Thursday morning. This event underscores the difficulties that progressive crypto supporters encounter in obtaining industry backing for Kamala Harris’s presidential bid.
The Zoom conference, organized by Congressman Ro Khanna, sought to close the divide between the Democratic Party and the crypto sector during a divisive election cycle, as reported by Fox Business on Thursday.
This sector has been burdened by stringent regulations under the Biden Administration. With Vice President Kamala Harris at the forefront of the Democratic campaign, the party is keen to regain crypto votes from GOP rival Donald Trump. Trump has recently expressed support for the sector, vowing to establish the US as a global center for cryptocurrency.
During a similar meeting in July, industry leaders communicated their grievances to a senior White House official regarding the perceived inequitable treatment they experienced under the Biden administration.
Crypto Executives Challenge Biden Officials in Notable Meeting
Representatives from the cryptocurrency sector included notable individuals like billionaire tech entrepreneur Mark Cuban, SkyBridge Capital founder Anthony Scaramucci, and venture capitalist Ron Conway. Additionally, executives from crypto platforms such as Ripple, Coinbase, Kraken, and Uniswap were in attendance.
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Tensions Escalate as Crypto Leaders Confront White House
Rather than fostering productive conversation, industry leaders launched into a critique of White House officials, attributing the stringent regulatory scrutiny from agencies like the SEC and Federal Reserve as the source of their frustrations. Reiterating complaints from a previous meeting, participants expressed dissatisfaction with the Biden administration’s purportedly unjust treatment of the sector.
An attendee remarked that executives openly criticized administration representatives, outlining the considerable damage they believe has been inflicted on both the crypto sector and the Democratic Party due to measures taken against digital assets.
Adeyemo assured attendees that neither banks nor regulators were deliberately sidelining the crypto industry from the broader financial system. However, tensions escalated when a crypto executive requested a show of hands from those who had been denied banking services as a result of White House policies.
Almost all the crypto representatives present raised their hands, highlighting the extensive challenges the industry faces in accessing traditional banking services.
The post Crypto Execs Butt Heads with Democrats in Fiery Zoom Meeting appeared first on Cryptonews.
