Biden Administration Participates in Crypto Meeting with Industry Leaders

On June 10, Democratic Representative Ro Hanna of California hosted an important meeting on crypto in Washington, DC.

The event was attended by celebrities including Senator Kirsten Gillibrand, Mark Cuban, Ripple CEO Brad Garlinghouse, Coinbase Chief Legal Officer Paul Grewal, and a senior aide to President Biden.

Overall, the meeting highlighted both the Biden administration’s willingness to engage with the crypto industry and the ongoing political divide over how to regulate this emerging sector.

During the meeting, Paul Grewal praised the Biden administration’s efforts to engage with crypto industry stakeholders and understand the challenges they face.

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He pointed out that the meeting was largely a “listen and learn” sort of thing, with Biden’s senior adviser Anita Dunn devoting more than an hour to listening, asking questions, and expressing a genuine commitment to continuing the dialogue, rather than simply wrapping up the session.

Sheila Warren, CEO of the Crypto Innovation Council, echoed this sentiment, noting Dunn’s high level of engagement and active participation during the session. She noted that such engagement from a government official at Dunn’s level for over an hour is significant and unusual.

Ripple CEO Brad Garlinghouse, however, pointed to the broader Democratic Party’s generally hostile stance toward the crypto industry, which he said threatens its survival.

Garlinghouse criticized support for SEC Chairman Gary Gensler’s aggressive regulatory approach, which he described as sabotaging American innovation in the crypto space.

He contrasted this with the Republican Party’s pro-crypto stance, suggesting that voters are paying attention to these different approaches and calling for thoughtful action, not just words.

Alexander Stefanov