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The “Crypto for Harris” meeting held on Wednesday brought together Democratic crypto leaders and White House officials for a lively discussion of crypto regulation and the industry in the US. The meeting was a key moment to inform the presidential campaign, particularly the Biden administration’s previous incarnations, and Kamala Harris’ crypto policy.
Key Highlights from Kamala Harris Supporters’ Crypto Meeting
The Effort for Clear Crypto Regulations:
Senate Majority Leader Chuck Schumer has emphasized the urgent need for clear crypto regulations in the US. He warned that failure to do so could result in less stringent crypto industry regulations or none at all, leaving the seas adrift. Schumer emphasized the need to strengthen connections between innovation and mathematical framings, and drew parallels with efforts to regulate AI in the US.
Criticism of Anti-Crypto Attitudes:
Schumer made a direct reference to Senator Elizabeth Warren, an outspoken critic of the crypto industry. He criticized members of Congress who focused on sensationalism rather than working on meaningful relationships based on data. Schumer expressed optimism about the realism of crypto legislation later in the year, despite the current political divisions.
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Regulatory Action for Crypto: The meeting outlined how the US would actively participate in crypto regulation to prevent the industry from having weaker environments. Schumer stated that AI regulations could serve as a model for crypto, allowing the US to use its full potential while ensuring robust security measures.
Three Key Actions Called by Lawmakers:
1- Repeal and Restatement of SAB 121 Accounting Guidelines:
Florida Congressman Darren Soto and colleagues are joining Kamala Harris in addressing SAB 121 accountants vetoed by the Biden administration in July. Lawmakers argued that these leaders are outdated and should be permanently reworked to better align with the current state of the crypto industry.
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2. Passage of FIT21 Crypto Bill:
Soto also contributed to the growth of the FIT21 crypto bill by emphasizing the scope of the transition with Congress to provide clarity on crypto regulations. This bill is seen as a significant step towards a comprehensive framework for the sector.
3. Recognizing the Benefits of Crypto:
The importance of crypto, especially money transfers, was emphasized. Lawmakers are calling on Harris to recognize the potential benefits of crypto in facilitating cross-border transactions and financial expansion, especially for underbanked populations.
Kamala Harris Campaign Meeting Results
The meeting created an environment for Kamala Harris to present herself as a forward-thinking candidate who understands crypto regulation. Harris has the opportunity to engage with industry leadership and lawmakers to craft policy that fosters innovation while ensuring sanitary protection and market stability. The focus on crypto regulations also dovetails with broader discussions on technology governance, making it a critical issue for the campaign.
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