Anticipated Release of Regulatory Guidance
Ro Khanna, a pro-Bitcoin Democrat House Representative, expects the Biden administration to soon unveil a roadmap for cryptocurrency regulation. This forecast follows recent discussions between the White House and industry leaders.
On August 12, Khanna expressed optimism on social media:
“I’m hopeful that as a consequence of these meetings, the Administration will issue a positive statement in the coming weeks with a roadmap signaling the path toward reasonable regulation.”
Expected Benefits of New Regulations
Khanna is confident that the upcoming regulations will help companies remain compliant while promoting innovation and job creation within the US. He emphasized the importance of the sector for the modern economy and its role in maintaining American global competitiveness.
Industry Reactions to Recent Meetings
These predictions follow discussions between White House officials and several crypto stakeholders, including Ripple, Kraken, Circle, and Paxos. Notable figures such as billionaire Mark Cuban, Anthony Scaramucci, and Galaxy Digital CEO Mike Novogratz also participated in these talks.
Reports from these meetings indicated that stakeholders criticized the Biden administration’s approach towards the crypto industry. However, both the participants and government officials left the meetings with a more positive outlook on the sector’s potential.
Khanna acknowledged the industry’s frustrations, stating:
“There is much frustration in the industry. These folks are focused on innovating and creating jobs in the US. This is already a difficult task, made even tougher without clear guardrails or regulation.”
Ongoing Skepticism Within the Industry
Despite Khanna’s optimism, skepticism remains among industry leaders.
Fred Thiel, CEO of Marathon Digital, voiced concerns about the lack of representation for Bitcoin miners in these discussions. He questioned whether their exclusion reflects a disinterest in Bitcoin mining.
“I wonder if that means the Harris team is not interested in bitcoin miners participating in the discussion and therefore by inference not interested in bitcoin mining in the US,” Thiel remarked.
Criticism from Cardano’s Founder
Charles Hoskinson, founder of Cardano, has previously criticized the current administration’s stance on the crypto sector. He warned that supporting Vice President Kamala Harris might worsen the perceived hostility towards the industry.
Reaction to Potential Policy Shifts
While some members of the crypto community oppose potential policy changes, JP Thieriot, director at crypto platform Uphold, commented on the situation:
“With the Harris Campaign signaling a desire to ‘reset’ relations with the crypto industry, this is a critical moment. It is crucial to demonstrate that the door is open and that support will follow if she adopts the common-sense approach we are advocating.”
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