Crypto Industry Leaders Advocate SEC Chair Gensler’s Removal During a White House Meeting

Recently, crypto industry leaders met with White House officials to discuss the future of US crypto regulations.

During the meeting, recent events, including Rep. Ro Khanna's roundtable meeting with top industry leaders and influential politicians, were discussed.

The leaders voiced their discontent over the hostile treatment of cryptocurrency in the United States.

Crypto Executives Request SEC Gary Gensler's Removal

The White House meeting converged top bureaucrats, influential political figures, and cryptocurrency leaders. Wally Adeyemo, the US Deputy Treasury Secretary, Lael Brainard, Director of the National Economic Council, and Brice Reed, Deputy Chief of Staff of the White House, were in attendance.

Others include Vice President Kamala Harris' Director of Legislative Affairs, Kristine Lucius. Cryptocurrencyindustry representatives in the meeting included Curcle's CRO Jeremy Allaire, Uniswap's CEO Hayden Adams, Ripple's CEO Brad Garlinghouse, and pro-crypto billionaire Mark Cuban.

Crypto representatives voiced concerns regarding the hostile regulatory environment in the US. They also expressed displeasure over the SEC's aggressive enforcement actions against crypto firms under Gensler's leadership.

The crypto CEOs proposed the removal of Gary Gensler as SEC Chairman, demonstrating their discontent over his hawkish stance on cryptocurrency regulation.

Kamala Harris to Appoint an Anti-Crypto Treasury Secretary?

Incumbent US Vice President Kamala Harris is reportedly considering Wally Adeyemo for Treasury Secretary if she wins the upcoming election.

Adeyemo, currently the Deputy Treasury Secretary, has been a strongly vocal crypto opponent. He expresses concern about the potential use of cryptocurrencies for criminal activities and believes digital assets may pose a threat to national security.

The rumor that Harris appointed a crypto skeptic as the Treasury Secretary raises concerns about the future of digital assets in the United States. Moreover, Adeyemo's presence in the White House meeting with cryptocurrency execs further increases this fear.

Although Harris recently took a pro-crypto campaign stance, fears of the possible treatment of cryptocurrency if she becomes president still lingers. Figureheads like pro-crypto lawyer John Deaton and Gemini's Tyler Winklevoss have urged Harris to prove her stance by vouching for Gensler's removal.

Talk is cheap. She would need to start by immediately firing @GaryGensler, withdrawing all @SECGov enforcement actions against good actors, and ending Operation Chokepoint 2.0. She won't do this so she won't stand a chance in winning back the crypto voting block. Time for... https://t.co/KBzqZZVMSH

- Tyler Winklevoss (@tyler) July 23, 2024

On the other hand, Donald Trump has pledged that his first assignment after assuming office as president will be to remove Gary Gensler as SEC chairman.

US Political Trend and Outlook Amid Upcoming Election

The crypto community is attempting to establish a non-partisan stance as political campaigns heat up ahead of the upcoming US 2024 election.

Although her campaign team appears to have embraced crypto, Kamala Harris has not been particularly vocal about her stance. On the other hand, Donald Trump has been very bullish and vocal about cryptocurrency.

Individual crypto enthusiasts now decide who the crown best fits. In a tweet, well-known crypto analyst Ali Martinez commented on the ongoing political race. He mentioned that the chances of getting a pro-Bitcoin president are slim.

Oh man! The chances of a pro-Bitcoin president are looking slim. https://t.co/716JIOrXBo pic.twitter.com/3pDZSTY7bW

- Ali (@ali_charts) August 8, 2024

Former President Donald Trump currently has winning odds of 50%, while Kamala Harris has 49%. Amid these developments, Trump and Kamala Harris have reportedly agreed to debate on ABC in September. The outcome of these debates will further illuminate the candidates' crypto stance.

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