Kamala Harris May Continue Biden’s Crypto Crackdown
YEREVAN (CoinChapter.com) — Kamala Harris is likely to maintain the Biden administration’s strict stance on cryptocurrency regulation. According to reports, she is collaborating with Brian Deese and Bharat Ramamurti. Notably, both advisers are known for opposing the Clarity for Payment Stablecoins Act of 2023, which critics argued was too lenient on crypto issuers.
Furthermore, Deese and Ramamurti were instrumental in shaping the current regulatory framework. Therefore, their partnership with Harris suggests that the tough approach to cryptocurrency regulation will continue.
Thorn Predicts Harris Will Continue Biden’s Crypto Policies
Alex Thorn, head of research at Galaxy, noted Harris’ choice of advisers as significant. Moreover, he pointed out that working with Deese and Ramamurti suggests a continuation of the current regulatory approach. In addition, Thorn highlighted in a recent post on X that their backgrounds align with Biden’s stance on cryptocurrencies.
Crypto Crackdown: Harris’ Plan Unveiled. Source: Alex Thorn Harris’ Upcoming Speech to Outline Crypto Regulation Stance
Harris will reveal her economic policy in a mid-August speech. This announcement should offer more details on her views regarding cryptocurrency regulation. Many are watching closely for specifics on how her policies could impact the crypto industry.
The speech will likely clarify Harris’ approach to digital currencies. Considering her advisers’ backgrounds, it may signal a continuation of strict regulatory measures.
Bank Closures and Cryptocurrency Crackdown: The Impact of ‘Operation Chokepoint 2.0’
The U.S. banking sector has recently faced notable issues, including the collapse of Silicon Valley Bank and the liquidation of Silvergate Bank.
Signature Bank Closed: FDIC Steps In. Source: Pledditor
New York regulators shut down Signature Bank. Some have referred to these events as “Operation Chokepoint 2.0,” suggesting a coordinated effort against the crypto sector.
Nic Carter, a crypto venture capitalist, has linked these events to a broader strategy to limit crypto operations. Moreover, Deese and Ramamurti’s roles in these developments hint at ongoing regulatory pressures on the industry.
Operation Choke Point 2.0: Crypto Industry Targeted. Source: Nic Carter Harris’ Crypto Stance: Key Advisers and Their Influence
Bharat Ramamurti, called the “White House’s top crypto critic” by Fortune, served as National Economic Council Deputy Director until October 2023. He took a strong stance against lenient cryptocurrency regulations. This choice of advisers by Kamala Harris suggests a tougher approach to crypto under her leadership.
Alex Thorn highlighted this, saying,
“People are policy at the end of the day, and if Brian Deese, Bharat Ramamurti, Wally Adeyamo, et al are set to lead economic policy in a Harris/Walz administration, it’s very unlikely the administration will soften its stance on crypto.”
Crypto Policy Concerns: Harris’ Advisers Under Scrutiny. Source: Alex Thorn
This comes just a week after Harris announced Minnesota Governor Tim Walz as her running mate for the 2024 U.S. presidential election on August 6.
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