This is how US Democrats plan to strengthen ties with crypto industry

Politics and crypto seem to be increasingly intertwined. This time around, Democrat Ro Khanna is attempting to strengthen ties between Democrats and the crypto industry through an exclusive roundtable in Washington. Notable figures such as billionaire entrepreneur Mark Cuban, Ripple CEO Brad Garlinghouse and SkyBridge Capital founder Anthony Scaramucci are expected to attend.

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Protecting the crypto industry

Khanna’s initiative stems from a desire to protect the crypto industry from a potential takeover by Donald Trump. Trump has publicly expressed strong support for Bitcoin and the crypto sector in recent months, promising to reduce regulatory burdens and end what he has called Biden’s “war on crypto.”

Criticism of SEC approach

Investor and outspoken crypto advocate Mark Cuban believes that clear crypto regulations from Congress before the 2024 presidential election could help secure a second term for President Biden, as crypto voters will be an influential factor. The billionaire has criticized the SEC’s current enforcement approach under Chairman Gary Gensler, which he believes could jeopardize Biden’s campaign.

Strengthening ties with crypto industry

With the upcoming meeting, Khanna wants to strengthening ties with the crypto industry and appeal to crypto voters. The congressman has a history of supporting crypto-friendly legislation, such as the FIT21 (Financial Innovation and Technology for the 21st Century Act) bill, which passed the House in May. The bill seeks to more clearly divide jurisdiction between the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) in overseeing the digital assets ecosystem.

Expected attendees

In addition to the aforementioned key players, executives from Coinbase, Kraken, Circle, Andreessen Horowitz, former CFTC Chairman Chris Giancarlo, Democratic lawmakers and White House officials are also expected to attend Khanna’s roundtable. There is speculation about the involvement of White House officials including Biden Chief of Staff Jeff Zients and adviser Carole Hause, who has been involved in shaping crypto regulations in the Biden administration.

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