Anika Begay
One of the big hurdles facing progressive cryptocurrency activists in their quest to win the Democratic Party’s cooperation was highlighted by a rather lively Zoom conference last week.
The meeting was hosted by California Congressman Ro Khanna, who was expected to help mend frayed ties within the broader bitcoin industry as the party gears up for a 2024 presidential fight.
This year, however, things are a little different with Kamala Harris as Vice President, leading the Democratic Party by pushing everyone to get a share of the huge cryptocurrency industry. This year, Donald Trump, who has recently taken a friendly approach to the cryptocurrency industry, represents the Republican Party.
Presence of big names
The conference was attended by Democratic Party bigwigs, as well as other well-known faces in the cryptocurrency industry, such as 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 conversation quickly turned confrontational rather than cooperative. Corporate leaders were clearly angry at what they saw as a regulatory assault by organizations like the Securities and Exchange Commission.
It felt more like past conferences, where opinions were aired and there was no follow-up to clean things up, conference attendees said. Describing how strongly crypto leaders feel about the government’s attitude toward regulation, one interviewee said, “They were just yelled at.”
Tensions at the conference skyrocketed when Adeyemo said that access to the cryptocurrency market was not intentionally restricted by authorities and banks. An angry crypto CEO countered by asking if he could show a show of hands from entrepreneurs whose business applications had been rejected by banks.
Almost every hand in the room went up as if to underscore the point of contention that was the situation over the availability of traditional banking services. In many ways, then, it was an apt metaphor to underscore the situation that the cryptocurrency community is experiencing and that articulated by members of the government.
People’s reactions and what to expect
Some attendees, like Anthony Scaramucci, expressed cautious optimism about the hope for conciliation amid the hostility. “It’s very encouraging when those high and mighty authorities make the effort to show up and listen to our industry,” Scaramucci said.
His comment summed up his belief that participation, even in the midst of controversy, ensures better outcomes in the long run. Coinbase Chief Legal Officer Paul Grewal also stressed the importance of the event because Harris’ campaign and her potential “strong new face for cryptocurrency” should be front-page news right away.
The Future of Cryptocurrencies and Democrats
Of course, there will be challenges. The road is bumpy as the Democratic Party must pick up the pieces of its often contentious relationship 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 must carefully navigate this landscape to regain the ground that has shifted. Efforts like the “Crypto4Harris” campaign are indicative of a conscious effort to better engage with the crypto community.
Featured image from Pixabay, chart from TradingView
