Crypto Executives Clash With Biden Officials Over 'Regulatory Assault' as Industry Drifts Toward the GOP

In a virtual meeting designed to improve relations between the crypto industry and the Democratic Party on Thursday, tensions flared as executives lashed out at top Biden administration officials over the ongoing regulatory crackdown on digital assets.

Crypto executives clashed with top Biden administration officials in a closed-door Zoom meeting on Thursday over the government's ongoing regulatory crackdown on digital assets, according to inside information obtained by Fox Business journalist Eleanor Terret.

The meeting, which was hosted by Congressman Ro Khanna (D-Calif.) and attended by Deputy Treasury Secretary Wally Adeyemo, Federal Reserve official Lael Brainard and other senior White House staffers, was reportedly intended to help Democratic 2024 presidential candidate Vice President Kamala Harris win back the crypto vote.

However, the meeting quickly devolved into a heated airing of grievances, highlighting the uphill battle Democrats face in garnering support from the crypto industry.

"Crypto executives didn't hold back on telling the administration reps how much damage they've done to the digital asset industry and the Democrat Party with their actions against digital assets," one anonymous attendee told Fox Business.

The tension reached a boiling point when Adeyemo claimed that banks and regulators were not cutting the crypto industry off from the broader financial system, prompting a crypto executive to ask attendees to raise their hands if their firms had been denied banking services due to the White House policies - a move that saw nearly all the industry representatives lift their hands, according to the report.

Despite the heated exchanges, some participants managed to strike a more optimistic tone. Anthony Scaramucci, founder of SkyBridge Capital, expressed hope that Harris could still gain support in the digital asset community, saying that "it's encouraging these high-level officials took the time to show up and listen to our industry."

Coinbase's Chief Legal Officer Paul Grewal also suggested that the focus should now shift to the Harris campaign and what it's "willing to do" to position the Vice President as a "strong new face for crypto."

As of the latest available data, the total crypto market cap valuation stood at $2 trillion, having recovered from a low of $1.6 trillion on Monday. Bitcoin, the largest cryptocurrency on the market, hit a weekly high of $62,800 on Thursday night after plunging nearly 20% earlier this week.

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