Crypto Industry to Meet with White House Officials as Trump Pledges to Reverse Biden’s Cryptocurrency Policies

Executives from the cryptocurrency industry are scheduled to meet with senior White House officials and Representative Ro Khanna (D-Calif.) to discuss concerns and potential policy changes surrounding digital assets. This comes as part of ongoing efforts by the industry to engage with policymakers and shape the regulatory landscape for cryptocurrencies.

Background and Meeting Details

According to sources, this upcoming meeting follows a previous roundtable discussion held in July. It will include interactions with outgoing senior White House advisor Anita Dunn, National Economic Advisor Lael Brainard, and Deputy Chief of Staff Bruce Reed. The discussions are expected to focus on fostering a more supportive environment for the digital asset sector amid a growing regulatory crackdown.

Former Obama administration official Cleve Mesidor, who now serves as executive director of the nonprofit Blockchain Foundation, hosted a virtual meeting attended by “a few hundred” crypto industry participants. The attendees expressed cautious optimism that a potential Kamala Harris presidency could bring a more crypto-friendly stance, especially towards emerging technologies like Web3.

Mesidor urged the industry to remain patient, noting that while there are many priorities for the administration, it might take time for crypto to become a focal point.

Political Context

The meeting occurs against a backdrop of increasing political interest in cryptocurrencies. Former President Donald Trump has been vocal in his support for Bitcoin and other digital assets. At the Bitcoin 2024 conference in Nashville, Trump promised that Bitcoin would experience unprecedented growth if he were elected. He also vowed to replace SEC Chairman Gary Gensler, whom he criticized for being hostile toward the crypto industry. Trump argued that the U.S. should embrace and innovate in the cryptocurrency space rather than stifle it.

Diverse Views on Crypto Regulation

Not everyone agrees with the push for a more crypto-friendly agenda. Notably, economist Paul Krugman criticized Trump’s stance, describing it as akin to a “government bailout of a scandal-ridden industry.” Meanwhile, the Official Monetary and Financial Institutions Forum (OMFIF), an independent financial think tank, suggested that Harris adopt a pro-crypto stance to counterbalance Trump’s promises.

As the debate over cryptocurrency regulation intensifies, these meetings and discussions are crucial for shaping the future of digital assets in the United States. The industry’s engagement with policymakers will likely influence how the U.S. navigates the complex and evolving landscape of cryptocurrencies.