As Kamala Harris emerges as a leading contender in the U.S. Presidential race, the cryptocurrency community is bracing for potential regulatory changes. Her collaboration with former economic advisors Brian Deese and Bharat Ramamurti, both known for their strict views on crypto, has raised concerns about the future of Bitcoin and other digital currencies if she becomes president.
**Continuation of Tough Crypto Policies:**
Alex Thorn, research director at Galaxy, suggests that Harris' choice of Deese and Ramamurti signals a likely continuation of the Biden administration's tough stance on crypto. Deese's White House blog post, "The Administration's Roadmap to Mitigate Crypto Risks," which focuses on addressing fraud and risks within the crypto industry, has drawn criticism for its restrictive approach.
**Ramamurti's Influence:**
Ramamurti's background, especially his work with Senator Elizabeth Warren, a well-known critic of cryptocurrencies, adds to these concerns. His role in shaping anti-crypto narratives during Warren's Senate office and presidential campaign underscores his potential influence on future crypto regulations.
**Potential Impacts on Bitcoin and Cryptocurrencies:**
A Harris presidency could lead to several developments, including:
- **Stricter Regulations:** The continuation of aggressive policies might result in tighter regulations, which could hinder innovation and growth in the crypto industry.
- **Increased Scrutiny:** Crypto issuers and exchanges might face more intense scrutiny, leading to higher compliance costs.
- **Chokepoint 2.0 Implementation:** The framework designed to mitigate digital currency risks could be enforced, affecting crypto transactions.
- **Industry Pushback:** Crypto advocates may resist these restrictive regulations, leading to a challenging relationship between regulators and the industry.
**Conclusion:**
While this analysis isn't intended as trading advice, a Harris presidency could significantly impact Bitcoin and cryptocurrencies.
