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Jimmy Aki
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Jimmy Aki
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Vice President Kamala Harris, now the Democratic presidential nominee, is reportedly preparing to maintain and potentially intensify the Biden administration’s stringent approach to cryptocurrency regulation, according to recent reports and analysis from industry experts.
Kamala Harris Advisor Choices Signal Potential Crypto Crackdown
Harris is reportedly working with Brian Deese and Bharat Ramamurti, two former economic advisers of the Biden administration, who previously opposed the Clarity for Payment Stablecoins Act of 2023, considering it too permissive for issuers.
This choice of advisors has raised eyebrows in the crypto community.
Alex Thorn, head of research at Galaxy, stated, “Her advisor choice suggests she will keep Biden’s hostile attitude to crypto.”
Deese and Ramamurti’s backgrounds are particularly noteworthy in the context of events in the U.S. banking sector.
In March 2023, the crypto-friendly banks Silicon Valley Bank, Silvergate Bank, and Signature Bank faced sudden collapses or forced closures.
This series of events was dubbed “Operation Chokepoint 2.0” by some industry observers, who viewed it as a coordinated effort to distance the banking sector from cryptocurrency businesses.
According to Thorn, Deese and Ramamurti were key figures in shaping the Biden administration’s stringent approach to cryptocurrency regulation.
Thorn suggests that these advisors played significant roles in what some perceive as an “anti-crypto crusade,” including the events surrounding the bank closures.
Ramamurti, in particular, has gained a reputation as a vocal critic of the cryptocurrency industry and his involvement in Harris’s campaign could signal a continuation or even intensification of this stance.
However, the vice president is set to unveil her economic policy agenda in a mid-August speech, which could provide more insights into her approach toward cryptocurrency regulation.
Skepticism Within the Crypto Community and Implications of Election on Harris’ Crypto Stance
Recent events have fueled skepticism about Harris’ intentions toward the crypto industry.
The enforcement action taken by the Federal Reserve against the crypto-friendly Customers Bank on August 9 sparked debate about the administration’s true stance.
Gemini co-founder Tyler Winklevoss commented on the situation, suggesting that “Operation Choke Point 2.0 remains in full swing”, expressing doubts about Harris’ purported efforts to reset relations with the cryptocurrency industry.
Cardano founder Charles Hoskinson echoed these sentiments, warning that voting for Harris could potentially harm the U.S. crypto industry, implying a continuation of what he perceives as a “war on crypto” by the current administration.
With less than 90 days until the election, crypto supporters who are open to voting for Harris are facing pressure to make their case.
Recent polls show Harris in a tight race with Republican nominee Donald Trump in battleground states.
The prediction platform Polymarket has rated the race between Harris and Trump as a “tossup,” reflecting the uncertainty surrounding the election’s outcome and its potential impact on crypto policy.
While Harris hasn’t yet clearly articulated her stance on cryptocurrency, the public anticipates more details to emerge in the coming weeks.
The scheduled face-off with Trump in a September 10 televised debate on ABC, along with potential additional debates on September 4 and 25, may provide opportunities for Harris to clarify her position on crypto regulation.
