Harris Likely to Continue and Escalate Biden’s Crypto Regulation Policies
Vice President Kamala Harris, the Democratic presidential nominee, is reportedly preparing to continue and potentially intensify the Biden administration’s stringent regulatory stance on cryptocurrency, according to recent reports and analysis from industry experts.
Advisor Selections Hint at Tougher Crypto Stance
Harris’s selection of advisors has fueled concerns within the crypto community. She is reportedly collaborating with Brian Deese and Bharat Ramamurti, two former economic advisors from the Biden administration who previously opposed the Clarity for Payment Stablecoins Act of 2023, arguing that it was too lenient on issuers. This move has led to speculation that Harris will maintain the administration’s hardline approach to crypto regulation.
Alex Thorn, head of research at Galaxy, commented on Harris’s choice of advisors, stating, “Her advisor choice suggests she will keep Biden’s hostile attitude to crypto.” Deese and Ramamurti were key figures during the Biden administration’s actions that led to the collapse or forced closure of crypto-friendly banks like Silicon Valley Bank, Silvergate Bank, and Signature Bank in March 2023, an event some in the industry referred to as “Operation Chokepoint 2.0.”
Continued Scrutiny on the Crypto Industry
Thorn suggested that Deese and Ramamurti were instrumental in shaping what has been perceived as an “anti-crypto crusade,” particularly in the wake of these bank closures. Ramamurti, known for his outspoken criticism of the cryptocurrency sector, is expected to play a significant role in shaping Harris’s potential administration’s policies, possibly signaling a continuation or even escalation of stringent regulatory measures against the industry.
Harris is expected to unveil her economic policy agenda in mid-August, which could shed more light on her intended approach toward cryptocurrency regulation.
Crypto Community Skepticism and Election Implications
Recent developments, including the Federal Reserve’s enforcement action against the crypto-friendly Customers Bank on August 9, have heightened skepticism within the crypto community regarding Harris’s stance. Tyler Winklevoss, co-founder of Gemini, suggested that “Operation Choke Point 2.0 remains in full swing,” casting doubt on Harris’s willingness to reset relations with the cryptocurrency industry.
Cardano founder Charles Hoskinson also expressed concerns, warning that electing Harris could further harm the U.S. crypto sector, continuing what he views as the current administration’s “war on crypto.”
With the election fast approaching, Harris’s stance on cryptocurrency is likely to become a pivotal issue for voters within the crypto community. Recent polls indicate a tight race between Harris and Republican nominee Donald Trump in key battleground states, with prediction platform Polymarket labeling the contest as a “tossup.”
As Harris and Trump prepare to face off in upcoming debates, starting with a televised debate on September 10, the public may gain clearer insights into Harris’s potential policies on crypto regulation.
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