Crypto execs speak with White House advisers, but no promises were made

Industry leaders discuss potential "reset" in crypto approach with Biden administration and Harris campaign officials.

Key Takeaways

Crypto executives discussed policy with White House as Biden's term ends. The meeting highlighted the need for clearer crypto regulations. <?xml encoding="UTF-8"?>

Executives from major crypto firms participated in a virtual call with White House advisers and Kamala Harris’ staff, discussing concerns over current digital asset policies and seeking regulatory clarity.

The Zoom call, held on Thursday, included representatives from Coinbase, Kraken, Ripple Labs, Circle, and other prominent figures in the crypto industry. White House advisers, including Deputy Chief of Staff Bruce Reed and National Economic Adviser Lael Brainard, were present, along with California Representative Ro Khanna, who organized the meeting.

Participants discussed potential changes to the administration’s approach to crypto policy as President Biden’s term nears its end and Vice President Harris prepares for her presidential campaign. However, White House advisers reportedly made no promises or policy commitments during the call.

Coinbase Chief Legal Officer Paul Grewal, who attended the meeting, noted that the call “stood in marked contrast” to his recent experiences with the Harris campaign. Grewal has had direct conversations with the campaign several times in the past two weeks, indicating growing engagement with the crypto industry.

The virtual event follows a July in-person roundtable, also organized by Rep. Khanna. Crypto Briefing previously reported on the virtual meeting. Some attendees of that meeting, including Biden senior adviser Anita Dunn, have since joined a Democratic political action committee supporting Harris’ campaign.

Crypto executives used the call to push for regulatory clarity and hint at the potential removal of SEC Chair Gary Gensler, who has faced criticism for his enforcement-heavy approach to the industry. Many firms have struggled to find a clear path to operate legally in the US under current regulations.

The meeting highlights the growing political importance of crypto policy. While the Harris campaign has not yet announced specific positions on crypto issues, Republican nominee Donald Trump has openly embraced the industry, promising to support Bitcoin mining and oppose central bank digital currencies (CBDCs).

As the 2024 election approaches, with less than 90 days remaining, the crypto industry’s engagement with both campaigns is likely to intensify. Market prediction platform Polymarket currently rates the election outcome as a “tossup” between Harris and Trump, with odds halved.

This high-level discussion underscores the crypto industry’s efforts to shape future regulatory frameworks and its growing influence in political circles. As the campaign season progresses, both major parties may need to clarify their stances on digital assets to court an increasingly vocal and politically active crypto community.

Recently, several Democrat supporters launched a “Crypto for Harris” campaign to help push the candidate’s chances at securing votes from the crypto bloc.

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