One of the major obstacles facing progressive crypto activists in their quest to win support from the Democratic Party was made clear with a Bad-tempered Zoom conference last week.
California Congressman Ro Khanna hosted the meeting, which was supposed to help mend frayed ties within the broader Bitcoin sector as the party prepares for the looming 2024 presidential fight.
This year, however, things look a little different, with Kamala Harris as vice president, leading the Democratic movement that is pushing everyone to seek a slice of the overwhelming cryptocurrency industry. This year, Donald Trump, who recently took a friendly approach towards the cryptocurrency industry, represents the Republican Party.
Presence of big fish
Democratic Party bigwigs were present at the conference, as were other prominent faces in the cryptocurrency industry, including billionaire investor Mark Cuban, Barack Obama’s Deputy Treasury Secretary Wally Adeyemo, SkyBridge Capital founder Anthony Scaramucci, and venture capitalist Ron Conway.
US Deputy Treasury Secretary Wally Adeyemo. (DANIEL LEAL/AFP via Getty Images / Getty Images)
But the The conversation quickly turned confrontational. rather than cooperate. Business leaders were clearly angry at what they saw as a regulatory assault issued by organizations such as the Securities and Exchange Commission.
Attendees commented that the situation was more like conferences of the past, where opinions were aired and no follow-up was done to fix problems. Describing how strongly crypto leaders feel about the government’s attitude to regulation, one interviewee said, “They were just yelled at.”
Tensions at the conference rose when Adeyemo said authorities and banks were not intentionally restricting access to the cryptocurrency market. Cryptocurrency CEO angry He replied if he could show a show of hands from businessmen whose business applications had been rejected by banks.
Almost every hand in the room went up to underline the point of contention, which was the situation regarding the availability of traditional banking services. In many ways, this was an apt metaphor to underline the situation in the crypto community and the one expressed by members of the government.
People’s reactions and what awaits us
Some participants, like Anthony Scaramucci, expressed cautious optimism about the hope for a compromise amid the hostility. “It’s very encouraging when these high and important authorities take the effort to come forward and listen to our industry,” Scaramucci said.
Her comment summed up her belief that participation, even amid controversy, ensures one gets better results in the future. Coinbase Chief Legal Officer Paul Grewal also emphasized the importance of the event because Harris’ campaign and her potential “strong new face for crypto” should immediately make headlines.
The future of cryptocurrencies and Democrats
Of course, there will be challenges. The road is rocky as the Democratic Party will have to rebuild these often contentious relationships with the cryptocurrency industry. The latest Zoom call reminded many of the difficult task ahead.
On the one hand, Trump is gaining popularity among crypto voters, while on the other, Democrats have to carefully navigate this landscape to regain lost ground. Initiatives such as the “Crypto4Harris” campaign are indicative of a conscious effort to better engage with the crypto community.
Featured image from Pixabay, chart from TradingView
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