July 15, 2024

Ro Khanna Moves to Save $2 Trillion Crypto Industry from Trump Takeover

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Congressman Ro Khanna, a progressive Democrat representing the Silicon Valley district, is making strategic moves to secure the future of the $2 trillion cryptocurrency industry from a potential Trump administration. Khanna has organized an exclusive roundtable meeting in Washington, D.C., scheduled for next Wednesday, according to information obtained by FOX Business.

Khanna’s initiative comes as the digital asset industry faces increasing political and regulatory challenges. The meeting aims to bring together top industry leaders, Democratic lawmakers, and White House officials to discuss the path forward for cryptocurrency innovation and regulation. The guest list includes more than two dozen attendees, featuring notable figures such as billionaire entrepreneur and crypto advocate Mark Cuban. A representative from the White House is also expected to attend.

Bitcoin Magazine was the first to report an email sent by Khanna’s office announcing the roundtable, which will occur in “early July.” The exact location of the event remains undisclosed, maintaining a high level of secrecy among participants, a testament to the sensitive nature of the discussions.

Khanna, who is running for re-election this fall, is a staunch advocate for advancing crypto and blockchain technology as tools for job creation within his constituency. He was one of 71 Democrats who supported the Financial Innovation and Technology for the 21st Century Act (FIT21 bill), which aims to establish clear regulatory frameworks for the digital asset industry.

However, the Democratic Party has been slow to fully embrace the crypto community as a significant voting bloc. Meanwhile, former President Donald Trump has actively courted crypto enthusiasts since early May, promising to reduce regulatory burdens imposed by President Biden’s Securities and Exchange Commission (SEC). Trump has pledged to “end Biden’s war on crypto,” gaining support from pro-crypto voters, including some who previously supported Biden.

Trump’s growing appeal within the crypto community has sparked concerns among anti-Trump Democrats like Khanna. The former president is rumored to speak at Bitcoin 2024, a major industry event in Nashville later this month. Influential crypto figures such as Cameron and Tyler Winklevoss have also shown support for Trump, adding to the urgency of Khanna’s initiative.

The roundtable is expected to feature a diverse lineup of attendees, including Ripple CEO Brad Garlinghouse, SkyBridge Capital founder Anthony Scaramucci, and former CFTC Chairman Chris Giancarlo, who now serves on the board of Paxos. Executives from major crypto exchanges like Coinbase and Kraken, stablecoin company Circle, and venture capital firm Andreessen Horowitz will also be present. Industry trade groups such as The Blockchain Association and Crypto Council for Innovation are slated to participate.

While Khanna’s efforts aim to bolster Democratic engagement with the crypto sector, some speculate that his motives may also be politically strategic. Facing Republican candidate Anita Chen in the general election for California’s 17th congressional district, Khanna might leverage the crypto vote to secure his re-election. Additionally, there are rumors that Khanna, 47, is considering a future presidential bid.

The upcoming roundtable underscores the growing political significance of the cryptocurrency industry and the urgent need for cohesive regulatory policies. As Khanna rallies support from industry leaders and policymakers, the meeting they have hope of shaping the future of crypto regulation in the United States but it’s very doubtful it would have enough steam to steer it away from a Trump-led agenda. As the saying goes, a day late and a dollar short, this rapid activity from democrats should’ve been in action 3 years ago as opposed to a hail Mary scenario as we are seeing currently by Khanna.

Jonathan McDowell
Digital Assets Desk

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