Industry execs discussed crypto policy with White House officials: Report

Several representatives from major cryptocurrency firms reportedly attended a video call with United States lawmakers, officials from the Biden administration and Kamala Harris’ staff. 

According to an Aug. 8 report from Yahoo Finance, industry leaders discussed how the Biden administration might “reset” its approach to crypto policy as President Joe Biden ends his term in January 2025 and through Harris’ campaign. Coinbase Global chief legal officer Paul Grewal, Kraken CEO David Ripley, Ripple CEO Brad Garlinghouse, and Circle CEO Jeremy Allaire reportedly attended the virtual event, initially reported as an in-person roundtable discussion.

The crypto executives reportedly pushed the Biden administration for regulatory clarity in the digital asset space, hinting at the removal of Securities and Exchange Commission (SEC) Chair Gary Gensler. Many in the industry have criticized the SEC under Gensler for bringing enforcement actions against crypto firms that seemingly do not have a clear path to operate legally in the US.

California Representative Ro Khanna reportedly organized the gathering between crypto executives and US policymakers, including National Economic Council director Lael Brainard, White House deputy chief of staff Bruce Reed and Harris senior adviser Kristine Lucius. Since President Biden announced in July that he would not run for reelection in 2024, many in the space have been pushing Harris to develop a crypto platform for her presidential campaign.

Party divide on crypto?

As of Aug. 8, neither Vice President Harris nor her running mate, Minnesota Governor Tim Walz, has suggested they intended to make crypto a central part of their campaign. In contrast, Republican nominee Donald Trump announced his campaign would accept contributions in crypto, he planned to fire Gensler if reelected and came out against introducing a US central bank digital currency.

Related: Crypto coalition calls for ‘clear rules of the road’ from Biden, Harris

The virtual event followed an in-person roundtable from July, also organized by Representative Khanna. Biden senior adviser Anita Dunn, who attended the July event, went on to join a Democratic political action committee supporting the Harris campaign. Other officials with experience in the crypto industry have also announced their departure from the White House to the Harris campaign as US Election Day approaches.

With 89 days until the presidential election, market prediction platform Polymarket has rated the outcome as a “tossup” between Harris and Trump. The two candidates are expected to appear for a presidential debate on Sept. 10.

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