Crypto Industry To Meet With White House Officials, Even As Trump Promises To Reverse Biden Administration's Crackdown On Bitcoin, Ethereum And Other Cryptocurrencies

Cryptocurrency industry executives are expected to meet White House officials and Representative Ro Khanna (D-Calif.) to voice their concerns and discuss potential policy changes around digital assets.

What Happened: After a roundtable in July, crypto executives are reportedly going to meet with Biden administration officials for the second time, reported Bloomberg, citing a person familiar with the matter.

While the industry executives have not been identified, they are expected to meet outgoing senior White House advisor Anita Dunn, National Economic Advisor Lael Brainard, and Deputy Chief of Staff Bruce Reed.

This comes after a virtual meeting, hosted by former Obama administration official and executive director of nonprofit Blockchain Foundation, Cleve Mesidor.

The meeting, attended by a “few hundred” crypto industry participants, expressed optimism about a potential Kamala Harris presidency to adopt a friendly stance towards crypto and Web3.

Mesidor, however, sought patience from the crypto industry.

“With all of the priorities, with all of the various groups that in just a week-and-a-half have really coalesced around her, she’s not going to say ‘my biggest priority is crypto’ or ‘my biggest priority is climate,'” Mesidor said.

Why It Matters: This comes after cryptocurrency emerged as one of the campaign issues, with former President Donald Trump throwing his weight behind the digital asset class.

Last week, Trump said Bitcoin (CRYPTO: BTC) would rally like “never before” if he wins, and promised to fire the current Securities and Exchange Commission (SEC) chair, Gary Gensler.

Gensler has been seen as hostile towards cryptocurrencies. “I will appoint a new SEC chairman who believes America should build the future and not block the future,” Trump said at the Bitcoin 2024 conference in Nashville.

The Official Monetary and Financial Institutions Forum (OMFIF,) an independent financial think tank, has recommended Harris adopt a crypto-friendly agenda to take on Trump.

However, not everyone seems to support pro-crypto promises. Renowned economist Paul Krugman even slammed Trump’s pro-Bitcoin stance, terming it as a “government bailout of a scandal-ridden industry.”

Price Action: Late Friday, Bitcoin was trading 4.50% lower at $61,393, while Ethereum (CRYPTO: ETH) dropped 6.22% to $2,960, according to data from Benzinga Pro.

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