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The Democratic Party and the Crypto tycoons have a dialogue: the atmosphere is tense and consensus is difficult to reach

The Democratic Party and the Crypto tycoons have a dialogue: the atmosphere is tense and consensus is difficult to reach

BlockBeatsBlockBeats2024/08/09 03:17
By:BlockBeats

Despite the friction, Harris's odds on Polymarket have tied Trump's.

Original title: Crypto executives clash with Democratic leaders in heated Zoom meeting
Original author: Eleanor Terrett, FOX Business
Original translation: Azuma, Odaily Planet Daily


Editor's note: At 11:45 a.m. Eastern Time on Thursday (23:45 last night Beijing time), Democratic Congressman Ro Khanna hosted a meeting on behalf of the Democratic Party to promote communication with the cryptocurrency industry and repair the relationship between the two sides. Obviously, the Harris team promoted this meeting at the current time node, and its fundamental purpose was to win more support from the cryptocurrency industry in the upcoming election. However, according to FOX Business reporter Eleanor Terrett, the discussion at last night's meeting was not smooth, and the two sides were on edge and the atmosphere was quite tense.


The following is Eleanor's original text, compiled by Odaily Planet Daily.



A Zoom meeting aimed at repairing relations between the Democratic Party and the cryptocurrency industry was held on Thursday morning, but the atmosphere of the meeting was tense. For the crypto-friendly faction within the party, helping Harris win the support of the cryptocurrency industry in the campaign is not so easy.


The Zoom meeting was hosted by California Congressman Ro Khanna, and the meeting was aimed at communicating with cryptocurrencies, an emerging industry that has been heavily suppressed by the Biden administration (mainly subordinate regulators such as the SEC and CFTC), and mending relations between the two sides in a critical window of the campaign.With Vice President Harris officially becoming the Democratic presidential candidate, the party is seeking to help Harris win back more votes from cryptocurrency voters from Republican opponent Trump, who has recently actively courted the industry and vowed to make the United States the "crypto capital" of the world.


The meeting was attended by about 20 people, including government officials such as Wally Adeyemo, Deputy Secretary of the Treasury, Lael Brainard, Deputy Director of the National Economic Council, Bruce Reed, Deputy Director of the White House Office of Staff, and Kristine Lucius, Harris's senior adviser; cryptocurrency representatives included billionaire Mark Cuban, Anthony Scaramucci, founder of SkyBridge Capital, investor Ron Conway, and some executives from Ripple, Coinbase, Kraken, Uniswap and other companies.


However, the meeting did not seem to reach much consensus, with most cryptocurrency representatives fiercely criticizing White House officials for the regulatory offensives of institutions such as the SEC and the Federal Reserve. Participants told FOX Business that the meeting seemed to repeat the roundtable hosted by Ro Khanna in Washington, D.C. last month, when industry executives also complained to a senior White House official about the unfair treatment they had received under the Biden administration.


An attendee who wished to remain anonymous told FOX Business: "Multiple executives bluntly told government representatives that their crackdown on cryptocurrencies has caused great damage to the industry's relationship with the Democratic Party... They (government representatives) were basically scolded."


For example, Ron Conway "violently" expressed his dissatisfaction with the government's empty promises to the industry. Conway, an early investor in Coinbase, did not immediately respond to our request for comment.


In another tense moment, in response to Treasury Undersecretary Wally Adeyemo’s argument that banks and regulators were not actively trying to isolate the cryptocurrency industry from the broader financial system, an executive asked attendees for a show of hands on whether their company or project had been denied service by a bank because of White House policy. Nearly all of the industry representatives in attendance raised their hands, two attendees told CNN.


Despite the friction, Anthony Scaramucci told FOX Business he was optimistic Harris could gain some support within the cryptocurrency industry.


Anthony Scaramucci mentioned: "It is encouraging that these senior officials are willing to take the time to attend and listen to the voices from our industry. My peers want things to change immediately, but the process in Washington does not work that way. I think we are moving forward steadily."


Coinbase's Chief Legal Officer Paul Grewal also had a positive view of the meeting: "This is still a meeting hosted by the Biden administration, but the focus now must be on Harris' campaign and what she is willing to do. She is an ideal representative of the Democratic Party's break with the past and support for cryptocurrency."



The market seems to be turning to Harris. On the cryptocurrency-based prediction market Polymarket, Harris's probability of winning has now tied with Trump, and even surpassed him at one point.


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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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