Crypto Industry Leaders Meet with White House Officials

Crypto industry leaders and top White House officials held their second meeting to discuss future crypto policy on Thursday, just before noon Eastern time. This virtual gathering featured notable government officials, including U.S. Deputy Secretary of the Treasury Wally Adeyemo, National Economic Council Director Lael Brainard, White House Deputy Chief of Staff Bruce Reed, and Kristine Lucius, Director of Legislative Affairs for Vice President Kamala Harris. Organized by Rep. Ro Khanna, D-Calif., the attendees from the crypto sector included Ripple executives Brad Garlinghouse and Chris Larsen, Uniswap CEO Hayden Adams, Stellar Development Foundation CEO Denelle Dixon, Circle CEO Jeremy Allaire, billionaire Mark Cuban, Coinbase Chief Legal Officer Paul Grewal, and former White House Communications Director Anthony Scaramucci.

Joshua Schenk, a policy advisor at the White House, venture capitalist Ron Conway, Andreessen Horowitz partner Chris Dixon, Electric Capital Co-Founder Avichal Garg, and Kraken CEO David Ripley also participated. Although there was some “airing of grievances,” the meeting focused on use cases and policy outcomes, particularly what regulators should prioritize, as well as emphasizing jobs and economic impact.

Last month, President Biden’s senior adviser Anita Dunn, lawmakers, and crypto leaders met in Washington D.C. to discuss various topics, including actions taken by the U.S. Securities and Exchange Commission, the need for Biden’s administration to engage with the crypto industry, and the future of crypto regulation. In contrast, this Thursday’s gathering was considered smaller and more focused due to the presence of Brainard and Adeyemo.

According to the source, the attendance of these senior representatives overseeing crypto policy changed the dialogue, enhancing the substance of the discussions. Both Brainard and Adeyemo were reported to be very inquisitive, indicating a willingness to move the conversation forward.

Coinbase’s Grewal urged the White House to support legislation to regulate the crypto industry, following the House’s passage of a market structure bill in May, backed by 71 Democrats, including former Speaker Rep. Nancy Pelosi. Senate lawmakers are also currently working on similar bills. Grewal expressed optimism about moving beyond the previous administration’s unproductive crypto policies, stating that it is crucial for the White House to publicly support the Senate’s bipartisan efforts and sign the bill into law.

The crypto industry has seen significant involvement in the upcoming election season, with millions in donations flowing into super political action committees. Candidates such as Kamala Harris and Donald Trump have initiated outreach towards the crypto community, with the Republican Party declaring support for crypto firms and investors, promising to end what they call an unlawful crackdown on the industry. While Harris has begun engaging with the crypto sector post-Biden’s reelection announcement, she hasn’t taken a clear position on crypto yet.

Looking ahead, the grassroots organization Crypto4Harris will host a town hall featuring leaders from the crypto industry, including Sheila Warren and Mark Cuban, to discuss a nuanced policy stance that positions America as a leader in digital assets. Crypto4Harris is rallying support for Harris while encouraging a progressive approach to cryptocurrency policy.

Update: Aug. 8, 1:40 a.m. UTC to include comments from Coinbase Chief Legal Officer Paul Grewal.