Democrats invited a group of crypto leaders to attend the meeting, but ended up arguing with them
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Democrats invited a group of crypto leaders to attend the meeting, but ended up arguing with them
Despite tensions, Harris has now caught up with Trump in odds of winning on Polymarket.
Navigating Web3 tides with focused insightsBy Eleanor Terrett, FOX Business
Translation by Azuma, Odaily Planet Daily
Editor's note: On Thursday at 11:45 a.m. Eastern Time (9:45 p.m. Beijing Time on Wednesday), Democratic Congressman Ro Khanna hosted a meeting on behalf of the Democratic Party aimed at improving communication with and repairing relations with the cryptocurrency industry. Clearly, the Harris campaign's decision to push forward this meeting at this critical moment is fundamentally intended to secure more support from the crypto sector ahead of the upcoming election. However, according to FOX Business reporter Eleanor Terrett, last night’s discussion was far from smooth—tensions ran high, and the atmosphere was confrontational.
Below is Eleanor’s original article, translated by Odaily Planet Daily.
A Zoom meeting held Thursday morning aimed at mending relations between the Democratic Party and the cryptocurrency industry turned tense. For pro-crypto Democrats, helping Kamala Harris win over support from the crypto sector isn't proving easy.
The Zoom call was led by California Congressman Ro Khanna, seeking to engage in dialogue with an emerging industry that has faced significant regulatory pressure under the Biden administration—particularly from agencies such as the SEC and CFTC—in a crucial window for electoral strategy. With Vice President Harris now officially the Democratic presidential nominee, the party is actively working to help her recapture votes from crypto-oriented voters who have recently been drawn to Republican rival Donald Trump, who has aggressively courted the sector and pledged to make America the “crypto capital of the world.”
Approximately twenty people attended the meeting. Government officials present included Deputy Treasury Secretary Wally Adeyemo, Deputy Director of the National Economic Council Lael Brainard, White House Deputy Chief of Staff Bruce Reed, and Harris senior adviser Kristine Lucius. Crypto representatives included billionaire Mark Cuban, SkyBridge Capital founder Anthony Scaramucci, investor Ron Conway, and executives from companies such as Ripple, Coinbase, Kraken, and Uniswap.
However, little consensus appeared to be reached. Most crypto participants launched sharp criticisms at White House officials over regulatory actions by bodies like the SEC and the Federal Reserve. Attendees told FOX Business the meeting echoed a roundtable Khanna hosted last month in Washington, D.C., where industry executives had similarly voiced grievances about unfair treatment they experienced under the Biden administration.
One attendee who wished to remain anonymous told FOX Business: "Multiple executives bluntly told government representatives that their crackdowns on crypto have severely damaged the relationship between the industry and the Democratic Party... They were essentially getting yelled at."
For instance, Ron Conway expressed strong dissatisfaction over what he described as empty promises from the government. An early investor in Coinbase, Conway did not immediately respond to our request for comment.
Another tense moment occurred when Deputy Treasury Secretary Wally Adeyemo argued that banks and regulators were not actively trying to isolate the crypto industry from the broader financial system. In response, one executive asked attendees to raise their hands if their company or project had ever been denied banking services due to White House policies. Two attendees revealed to us that nearly every industry representative in the room raised their hand.
Despite these tensions, Anthony Scaramucci told FOX Business he remains optimistic that Harris can gain some level of support within the crypto community.
"The fact that these high-level officials took time out of their schedules to attend and listen to voices from our industry is encouraging," said Anthony Scaramucci. "My peers want immediate change, but that's just not how things work in Washington. I think we're making steady progress."
Coinbase Chief Legal Officer Paul Grewal also viewed the meeting positively: "This is still a Biden administration-hosted meeting, but the focus now must shift to Harris's campaign and what she's willing to do. She represents the ideal figure for the Democratic Party to break from the past and embrace crypto."
Market sentiment appears to be shifting toward Harris. On Polymarket, a prediction market built on blockchain technology, Harris's odds of winning have now caught up with Trump's—and even briefly surpassed them.
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