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Kelvin Munene Murithi
Kelvin is a distinguished writer specializing in crypto and finance, backed by a Bachelor’s in Actuarial Science. Recognized for incisive analysis and insightful content, he has an adept command of English and excels at thorough research and timely delivery.
Crypto Execs Push for Gary Gensler’s Removal
On Thursday, top representatives of the Crypto industry met with the White House officials to debate the future of cryptocurrency regulation in the United States. The event, hosted by Rep. Ro Khanna, included representatives from the Biden administration and the crypto industry, where major policies and regulations as well as some incidents like the discharge of SEC Chair Gary Gensler were discussed.
The meeting was attended by U.S. Deputy Secretary of the Treasury Wally Adeyemo, National Economic Council Director Lael Brainard, and White House Deputy Chief of Staff Bruce Reed. Other attendees included Kristine Lucius, Director of Legislative Affairs for Vice President Kamala Harris.
On the crypto side, Ripple’s CEO Brad Garlinghouse, Uniswap’s Hayden Adams, Circle’s CEO Jeremy Allaire, and billionaire Mark Cuban were in the meeting. Executives of cryptocurrency companies expressed their concerns on the existing legal framework, especially on the SEC in the United States. The conversation also addressed the potential dismissal of SEC Chairman Gary Gensler, which shows the industry’s discontent with what they consider aggressive actions towards digital assets.
Kamala Harris’ Anti-Crypto Treasury
Vice President Kamala Harris is said to be eyeing Wally Adeyemo for the Treasury Secretary position if she becomes president. Adeyemo, who is currently the Deputy Treasury Secretary, has been an outspoken opponent of the cryptocurrency industry, as he believes that it can be used for criminal purposes and is a threat to national security.
This has raised fears among the crypto community on the future of digital assets in the U.S. given that his appointment may result in enhanced regulation and enforcement. Mostly because he was present at the meeting.
This is in contrast to the mission of Donald Trump, who has stated that his first order of business on assuming office will be to fire Gensler, the current chair of the SEC. Furthermore, Gemini co-founder Cameron Winklevoss stated that Kamala Harris should support the crypto industry by firing Gary Gensler. Supporting this view was John Deaton, who encouraged the Democrat’s presidential candidate Kamala Harris to prove her support to the crypto fraternity by vouching for the removal of Gary Gensler.
US Political Trend and Upcoming Debates
With the 2024 election campaign heating up, the crypto industry is now trying to establish the issue as a non-partisan one. While Donald Trump has been quite bullish on cryptocurrency, Kamala Harris has not been as vocal, although her team has recently engaged with the cryptocurrency industry.
Crypto analyst Ali Martinez also weighed in on the political situation and said, “Oh man! The chances of a pro-Bitcoin president are looking slim, with Trump odds at 50 and Kamala at 49.”
Amid these talks, ex-president of the United States, Donald Trump, has accepted to participate in a number of live debates with Harris in September. Concurrently, as per a Coingape report, Donald Trump Jr. and Eric Trump have issued warnings about scammers impersonating the Trump family, hinting at a possible crypto-related initiative from the family soon.
Conclusion
The crypto industry is at a crossroads, with regulatory uncertainty and potential changes in leadership on the horizon. The industry’s representatives are pushing for change, but the outcome is far from certain. As the 2024 election campaign heats up, the crypto community will be watching closely to see how the candidates respond to their concerns.
FAQs
Q: What is the current state of cryptocurrency regulation in the United States?
A: The current state of cryptocurrency regulation in the United States is uncertain, with different regulatory bodies having different approaches to the industry.
Q: Who is Gary Gensler, and why is he a target of the crypto industry?
A: Gary Gensler is the current chair of the SEC, and the crypto industry is targeting him because of his aggressive actions towards digital assets.
Q: What is the role of Wally Adeyemo in the crypto industry?
A: Wally Adeyemo is the Deputy Secretary of the Treasury, and he has been an outspoken opponent of the cryptocurrency industry.
Q: How does the crypto industry view the 2024 election campaign?
A: The crypto industry views the 2024 election campaign as a crucial moment for their future, with regulatory uncertainty and potential changes in leadership on the horizon.
