Prominent crypto figures remain skeptical of Harris' sudden change in stance. They expect concrete actions rather than just words.
Key Takeaways
- Ro Khanna will host a meeting to improve Harris' relationship with the crypto industry.
- Harris' efforts to gain crypto support face challenges due to past regulatory actions and skepticism within the crypto community.
Congressman Ro Khanna is set to host a key meeting in Washington on Monday, aiming to bridge gaps between crypto industry leaders and the Democratic establishment, including Vice President Kamala Harris’ campaign team, FOX Business journalist Eleanor Terrett recently reported.
“Congressman Ro Khanna is hosting another meeting in Washington on Monday for crypto industry leaders, Democratic politicians, and reps from the Kamala Harris campaign. Move represents renewed push from pro-crypto Dems to establish a fresh start with the industry,” said Terrett in a post on X.
National Economic Council chief Lael Brainard and former Biden aide Anita Dunn, now advising a pro-Harris super PAC, are among the high-profile attendees, the journalist noted in a separate report. The meeting, set via Zoom, also includes White House Deputy Chief of Staff Bruce Reed and aims to reshape Harris’ image within the crypto community.
The gathering, the second meeting hosted by Khanna over the past month, is seen as ongoing efforts by pro-crypto Democrats to forge better relations with the $2 trillion industry. Khanna’s initial meeting in July welcomed several prominent figures, including billionaire entrepreneur Mark Cuban, Ripple CEO Brad Garlinghouse, and SkyBridge Capital founder Anthony Scaramucci.
Since taking office, the Biden-Harris administration has implemented a series of regulatory measures that have raised concerns among crypto stakeholders. The aggressive regulatory approach has damaged its relationship with the industry.
With the torch now passed to Harris, there is a glimpse of hope that the Vice President will take a different stance, or a softer stance at the very least. Last month, her campaign team was said to reach out to major crypto firms like Coinbase and Ripple Labs in a bid to “reset” their relationship with the industry.
An anonymous industry official told FOX Business that Rep. Khanna “is trying to neutralize the crazy faction on the left side of the Dems that is letting the Republicans run away with this issue as a winner in the election.”
Amidst a backdrop of intense political competition, Harris and her major opponent on the other side, Donald Trump, are vying for support from the approximately 50 million Americans invested in digital assets.
Trump has repeatedly positioned himself as a pro-crypto candidate. He has also pledged to make the US “the crypto capital of the planet,” aiming to create a favorable environment for crypto businesses and investors.
At a recent Bitcoin conference, Trump promised to fire Gary Gensler, the Securities and Exchange Commission (SEC) Chair and a known crypto critic who has overseen numerous enforcement actions against crypto firms.
Harris’ efforts to gain crypto support therefore face major challenges. Easing tensions might involve removing the SEC Chairman, a difficult task given his strong political alliances, notably with Sen. Elizabeth Warren. Harris’ association with Warren, another known crypto skeptic, complicates her position.
Despite the push of Harris’ team for a friendly stance, it remains unclear how much influence the crypto issue will have on voters. Recent polls indicate a decline in adult engagement with crypto, suggesting that while the crypto industry matters, it may not be a top priority for the electorate.
