House Democratic Representative Ro Khanna, a pro-Bitcoin advocate, expects the Biden administration to release a roadmap for cryptocurrency regulation “in the coming weeks” following recent discussions between the White House and industry leaders.
In a post on social media platform X on August 12, Khanna said:
“I hope that following these meetings, the Administration will issue a positive statement in the coming weeks, along with a road map that shows the path to reasonable regulation.”
He said the new regulations will help companies stay compliant while fostering innovation and job creation in the United States. Khanna stressed the importance of the sector to the 21st century economy and American competitiveness in the global space.
The prediction follows at least meetings between White House officials and crypto players, including representatives from Ripple, Kraken, Circle and Paxos, as well as notable figures like American billionaire Mark Cuban, Anthony Scaramucci and Galaxy Digital CEO Mike Novogratz.
Reports from these meetings revealed that cryptocurrency stakeholders decried the hostile approach of President Joe Biden’s administration toward the emerging industry. However, attendees and government officials ended up having a positive outlook on how the sector could thrive.
Khanna acknowledged this in his commentary, noting that there is “a lot of frustration in the industry.” He added:
“These people are focused on innovation and job creation in the United States. An already difficult task that becomes even more difficult without clear safeguards and regulations.”
The community is not convinced
Despite the progress Khanna believes the meetings could bring, skepticism remains within the industry.
Marathon Digital CEO Fred Thiel expressed concern about the lack of representation from Bitcoin miners at these meetings, and wondered if this exclusion signaled a lack of interest in Bitcoin mining.
He said:
“I wonder if this means that the Harris team is not interested in involving bitcoin miners in the discussion and therefore, by inference, is not interested in bitcoin mining in the United States.”
Similarly, Cardano founder Charles Hoskinson has previously voiced strong criticism, claiming that the current administration is hostile to the cryptocurrency sector. He warned that supporting Harris could exacerbate antagonism and continue this “war on cryptocurrencies.”
While the majority of the crypto and Bitcoin community on X (formerly Twitter) has spoken out strongly against a possible Democrat pivot, JP Thieriot, director of crypto platform Uphold, commented on the meeting:,
“As the Harris campaign signals her desire to “reset” relations with the crypto industry, this is a critical moment to demonstrate that the door is open and support will follow if she simply takes the common-sense approach we all advocate.”
