The Democrat party’s initial outreach to repair its broken relationship with the crypto industry has not gone very well, according to a report. Fox News says multiple investors and executives from firms like Coinbase, Ripple, Kraken, etc., participated in a call with Democrat bigwigs that went sideways. The report states that digital asset leaders hammered the treatment of the crypto industry under the Biden Administration, pointing specifically to the Securities and Exchange Commission and the Federal Reserve.
The Zoom was organized by California Representative Ro Khanna and included Democrats like Deputy Treasury Secretary Wally Adeyemo, Deputy White House Chief of Staff Bruce Reed, and Lael Brainard, Deputy Director of the National Economic Council.
One attendee told Fox:
“Executives didn’t hold back on telling the administration reps how much damage they’ve done to the crypto industry and to the Democrat Party with their actions against digital assets. They basically just got yelled at.”
While the Biden Administration has been horrible for the crypto industry, there is hope that if Vice President Harris is elected, there will be a change in approach. As the rest of the developed world looks to provide bespoke regulation to enable digital asset innovation, the US has sought to destroy the industry with insurmountable roadblocks. Much of the challenge has to do with the SEC, which has ignored calls to offer the industry a path to compliance. While the Commission claims to have done so, its actions state otherwise, as its regulation by enforcement has impaired many digital asset firms.