Regulation
Biden Administration Officials and Congressional Leaders Will Reportly Attend Crypto Industry Meeting – DL News
- Top Democrats will attend a meeting on the cryptocurrency industry, Bitcoin Magazine reports.
- The meeting will examine ways to keep Bitcoin and blockchain innovation in the United States.
- Biden Administration May Change Its Stance on Cryptocurrency Industry, Report Says.
California Democratic Congressman Ro Khanna will host a meeting on the maintenance of Bitcoin and blockchain innovation in the United States, according to a private email sent from Khanna’s office and seen from Bitcoin Magazine.
The Washington DC event, scheduled for early July, was described in the email as “the most significant meeting to date between policymakers and blockchain innovation leaders,” the report said.
According to the report, officials from the Biden administration, the House and the Senate will participate, as well as businessman Mark Cuban, who emphasizes that the initiative could be seen as a response to former President Donald Trump’s recent support for cryptocurrency industry.
Earlier this month, Trump reportedly said he would be a “crypto president” as he criticized Democrats’ regulation of the industry during an exclusive fundraiser in San Francisco that netted him $12 million ahead of November’s election.
As cryptocurrencies have become a political issue, with groups amassing tens of millions of dollars to support pro-crypto candidates, Coinbase co-founder and CEO Brian Armstrong refused to take sides last week, DL News reported.
“Both sides recognize that they need to address this problem,” he said, adding: “Cryptocurrencies have arrived.”
Armstrong also said he recently traveled to Washington to chat with as many as 13 senators.
“We need clear rules in the United States,” he said in reference to cryptocurrency regulation. “The current situation is unsustainable.”
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President Joe Biden in late May vetoed a resolution that would have abolished Securities and Exchange Commission guidelines that make it difficult for cryptocurrency companies to work with banks, and to date has been decidedly less crypto-friendly than its opponent.
However, the upcoming meeting could reportedly signify a policy shift in the administration’s approach to the cryptocurrency sector Bitcoin Magazine.
Drivers of the cryptocurrency market
- Today, Bitcoin is up 0.34% to $66,265.69.
- Today, Ethereum is up 1.01% to $3,565.17.