💼 Kamala Harris Campaign’s Crypto 'Reset' Faces Skepticism
The Harris campaign's promise to rebuild relations with the crypto industry is under scrutiny as the US Federal Reserve takes stringent actions against crypto-friendly institutions. Critics, including prominent figures like Tyler Winklevoss, question the sincerity of the Vice President's stance on digital assets.
On August 9, the Fed issued a 13-page enforcement action against Customers Bank, a rare crypto-friendly institution in the US. This action requires the bank to notify the Fed 30 days in advance before forming new partnerships with cryptocurrency companies. According to Winklevoss, this is part of "Operation Choke Point 2.0," an effort he believes is aimed at controlling which crypto businesses can access banking services, effectively limiting their operational capacity.
Winklevoss expressed concern over the Fed's increasing control over crypto banking, arguing that such decisions should be decentralized and left to individual banks, not the Federal Reserve.
Cardano founder Charles Hoskinson joined Winklevoss in criticizing the current administration's stance on crypto. He suggests that the Biden administration, and by extension Harris, is hostile toward the industry, warning that a Harris presidency could exacerbate what he views as a "war on crypto."
The Bigger Picture 🌐
This skepticism comes amid a broader crackdown on the crypto sector by the US government, which saw the collapse of several banks supporting crypto businesses earlier this year. The ongoing tension highlights the fragile relationship between the US government and the burgeoning crypto industry, raising questions about the future of digital assets in the country.
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