Congressman Ro Khanna Aims to Counteract Former President Trump’s Influence in Crypto Industry

UTC by Temitope Olatunji · 3 min read
Congressman Ro Khanna Aims to Counteract Former President Trump’s Influence in Crypto Industry
Photo: House.gov

Concerned that Trump is becoming more popular within the crypto sector, Congressman Khana is reaching out to top industry players and Democratic lawmakers.

The crypto industry, worth over $2 trillion, is taking center stage in American politics as it is poised to become one of the major deciding factors in the forthcoming election in the country. Congressman Ro Khanna, a Democrat, is trying to prevent the former president, Donald Trump, from gaining control over this growing crypto industry.

Trump has been vocal about his support for crypto. In the last few months, he has been reaching out to the cryptocurrency community, promising to end Biden’s administration’s fight against crypto if he emerges as president again. He has also promised to support companies that mine Bitcoin in his campaign speeches. The former president’s crypto strategy has earned him the support of big players within the crypto sectors, including some who voted for President Biden in the 2020 election.

Congressman Khanna’s Counteractive Measures and the Upcoming Private Roundtable

Concerned that Trump is becoming more popular within the crypto sector, Congressman Khana is reaching out to top industry players and Democratic lawmakers. By next week, Khana will hold a private meeting that will be attended by over twenty people, including billionaire Mark Cuban and a representative from Biden’s administration.

The event’s details have been kept secret by the organizers as they have refused to divulge the location at which the meeting will be held and are yet to release the complete list of those attending. An attendee of the event stated:

“They haven’t disclosed the location, and they will not tell us who is coming from the Biden Administration…There has been a large degree of secrecy around this.”

Khana, who is also running for reelection, has always supported cryptocurrency and blockchain. He participated in the vote to pass the Financial Innovation Technology for the 21st Century Act (FIT21). Despite his advocacy for crypto, his party has been slow to embrace it as a strategy to win votes in the upcoming election.

Per FOX Business, the private roundtable meeting is set to be attended by top crypto and political figures such as Ripple CEO Brad Garlinghouse, SkyBridge Capital founder and CEO Anthony Scaramucci, executives from Coinbase and Kraken, and  Andreessen Horowitz.

It can be said that the reason Congressman Khanna is doing this is that the cryptocurrency industry seems to be starting to support Donald Trump more, with prominent figures such as the Winklevoss twins of crypto exchange Gemini, who donated $2 million in Bitcoin, another important figure is Jesse Powell who has also donated to Trump’s campaign.

Now that the 2024 election is getting closer, the fight for the support of the cryptocurrency community has become an essential part of the politician’s campaign strategy. Political figures have continued to have meetings and conferences with crypto industry leaders to share their support for crypto. For instance, Donald Trump could be giving a speech at the forthcoming Bitcoin 2024, which is taking place in Nashville later this month. Thus, the upcoming election could also affect the future of crypto space in terms of regulation.

Cryptocurrency News, News
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