Ro Khanna hints at ‘positive’ Democrat crypto regulation update after high-profile meetings News ▸ US ▸ Bitcoin ▸ Regulation
Ro Khanna hints at ‘positive’ Democrat crypto regulation update after high-profile meetings
Crypto stakeholders remain skeptical of Biden's administration efforts on the emerging industry.
2 min read
Updated: Aug. 13, 2024 at 10:17 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Pro-Bitcoin Democrat House Representative and lawyer Ro Khanna expects the Biden administration to release a crypto regulation roadmap “in the coming weeks” following recent discussions between the White House and the industry leaders.
In an Aug. 12 post on social media platform X, Khanna stated:
“I’m hopeful that as a consequence of these meetings, the Administration will issue a positive statement in the coming weeks with a roadmap signaling the path toward reasonable regulation.”
He said the new regulations will help companies stay compliant while promoting innovation and job creation in the US. Khanna emphasized the sector’s importance for the 21st-century economy and American competitiveness in the global space.
This forecast follows at least meetings between White House officials and crypto stakeholders, including representatives from Ripple, Kraken, Circle, and Paxos, as well as notable figures like American billionaire Mark Cuban, Anthony Scaramucci, and Galaxy Digital CEO Mike Novogratz.
Reports from these meetings revealed that the crypto stakeholders decried President Joe Biden’s administration’s hostile approach to the emerging industry. However, the participants and the government officials ended up with positive perspectives on how the sector could be allowed to thrive.
Khanna acknowledged this in his comment, pointing out that “there is much frustration in the industry.” He added:
“These folks are focused on innovating and creating jobs in the US. An already difficult task made tougher without clear guardrails or regulation.”
Community unconvinced
Despite the progress Khanna believes the meetings would birth, skepticism remains within the industry.
Marathon Digital CEO Fred Thiel expressed concern over the lack of representation for Bitcoin miners at these meetings. He questioned whether the exclusion signals a disinterest in Bitcoin mining.
He said:
“I wonder if that means the Harris team is not interested in bitcoin miners participating in the discussion and therefore by inference not interested in bitcoin mining in the US.”
Similarly, Cardano founder Charles Hoskinson previously voiced strong criticism, claiming the current administration is hostile towards the crypto sector. He warned that supporting Harris could exacerbate the antagonism and continue this “war on crypto.”
While the majority of the crypto and Bitcoin community on X (formerly Twitter) has been strongly outspoken in opposition to a potential pivot from the Democrats, JP Thieriot, director at crypto platform Uphold, commented about the meeting,
“With the Harris Campaign signaling a desire to “reset” relations with the crypto industry, it is a critical moment to demonstrate that the door is open and that support will follow if she simply adopts the common sense approach that we are all advocating.”
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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In this article
Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
Cardano
$1.18519
Cardano is a decentralized public blockchain and cryptocurrency project and is fully open source.
Ripple
Ripple is a US-based technology company which develops the Ripple payment protocol and exchange network using XRP, the digital asset native to the XRP Ledger.
Circle
Circle Internet Financial Ltd is a global internet finance company, built on blockchain technology and powered by crypto assets.
Coinbase
Coinbase is a digital currency exchange and wallet service that allows individuals to buy, sell, and store digital currencies, such as Bitcoin, Ethereum, and Litecoin.
Galaxy Digital
Galaxy (TSX: GLXY) is a digital asset and blockchain leader providing access to the growing digital economy.
Mark Cuban is an American billionaire entrepreneur, television personality, and media proprietor whose net worth is an estimated $4.7 billion, according to Forbes, and ranked No.
Anthony Scaramucci is an acclaimed American entrepreneur and political consultant, making headlines for his fleeting role as the White House Director of Communications from July 21 to July 31, 2017.
Michael Edward Novogratz, born on November 26, 1964, stands out as an iconic figure in the financial realm.
