Biden admin officials, congressional leaders reportedly set to attend crypto industry meeting

Biden admin officials, congressional leaders reportedly set to attend crypto industry meeting
Snapshot
Biden administration officials to attend meeting on crypto innovation. Credit: Darren Joseph
  • Key Democrats will attend meeting on crypto industry, Bitcoin Magazine reports.
  • Meeting will look at ways to keep Bitcoin and blockchain innovation in US.
  • Biden administration may be shifting its stance on crypto industry, report says.

California Democratic Congressman Ro Khanna will host a meeting on keeping Bitcoin and blockchain innovation in the US, according to a private email sent by Khanna’s office and seen by Bitcoin Magazine.

The Washington DC event set for early July was described in the email as “the most significant meeting between policymakers and innovation leaders in blockchain to date,” the report said.

Officials from the Biden Administration, House and Senate, as well as businessman Mark Cuban will attend, according to the report, which noted that the initiative could be seen as a response to former President Donald Trump’s recent endorsements of the crypto industry.

Earlier this month, Trump reportedly said he would be a “crypto president,” while criticising Democrats’ regulation of the industry during an exclusive San Francisco fundraiser that netted him $12 million in the lead-up to the November election.

While crypto has become a political issue, with groups amassing tens of millions of dollars to back crypto-friendly candidates, Brian Armstrong, co-founder and CEO of Coinbase, last week declined to take sides, DL News reported.

“Both parties are recognising that they need to address this issue,” he said, adding: “Crypto’s arrived.”

Armstrong also mentioned that he recently went to Washington to chat with as many as 13 senators.

“We need clear rules in the US,” he said in reference to crypto regulation. “The current situation is untenable.”

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President Joe Biden in late May vetoed a resolution that would have abolished Securities and Exchange Commission guidance that makes it difficult for crypto companies to work with banks, and to date has been markedly less crypto-friendly than his opponent.

Still, the forthcoming meeting may signify a political shift in the administration’s approach to the crypto industry, according to Bitcoin Magazine.

Crypto market movers

  • Bitcoin is up 0.34% today at $66,265.69.
  • Ethereum is up 1.01% today at $3,565.17.

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