Alex Thorn, the research manager of Galaxy Digital, which provides financial services in the field of digital assets, hunked on the consultants of Kamala Harris, the Democrats's U.S. presidential candidate. Stating that important names have always taken anti-crypto steps in the past, Thorn said, "It is almost impossible for Harris to soften or change crypto policies with these people."
While the crypto world continues to discuss whether Democrats will change their perspective on this area in the presidential race in the USA, Galaxy Digital research manager Alex Thorn stated that this change is close to impossible.
'It shows very clearly'
Stating that the people who will advise in the economic policy of Kamala Harris, the candidate of the Democrats, took anti-crypto steps in the past, Thorn said, "These are very clear evidence of Harris' anti-crypto stance":
“Advisor elections make it very clear that Harris will continue its anti-crypto policies. Harris will continue on his way with Brian Deese and Bharat Ramamurti, as well as two anti-crypto advisers working in the Biden administration. Today, in the news given by Bloomberg, we saw some clues about Harris' stance in economic policies. As an example, we see that Brian Deese and Bharat Ramamurti, the architects of the Biden administration's anti-crypto policies, will also work with Harris.
In particular, Deese wrote an article for the White House's website titled 'Preventing the risks that cryptocurrencies come,' in a January 27, 2023 article. The article advocates the advancement of innovation and technology, but all cryptocurrencies are shown as a fraud. On the day of publication of this article, the Fed also rejected Custodia Bank's membership application and extended the decision of banks to restrict bank movements for crypto transactions dated January 3, 2023. It's very difficult to think that these movements are not coordinated
Now let's move on to Bharat Ramamurti. He worked at the National Economic Council under Deese. He has also worked with Elizabeth Warren. Warren is known as one of the Senate's largest anti-crypto people. Ramamurti, who works in Warren's office, also led his economic policies in his campaign. Fortune magazine describes him as one of the biggest crypto opponents in the White House...” Journalist Leo Schwartz, who works for the magazine, wrote that in July 2023, it was Ramamurti who intervened to prevent a stablecoin reconciliation between Patrick McHenry and Maxine Waters. Ramamurti then left his post at the White House and was replaced by Jon Donenberg, who also worked with Warren. I wouldn't be surprised if he was among Harris' advisers"
'They also prevented the fixed coin law'
Thorn also said Bharat Ramamurti and Brian Deese were also key figures blocking the law that seriously regulates stablecoins:
“In April, journalist Robert Kuttner wrote this. He also said that these duo especially prevented the fixed coin law. The stablecoin law enacted these cryptocurrencies, but it was also seriously regulating them. This law also provided consumer protection, but they prevented it.”
'Democrats were also looking forward until they both arrived'
Republican Patrick McHenry, who is the head of the Congressional Financial Services Commission, insisted on and claimed that these two also blocked the rules that allow state-backed private banks to issue stablecoins with cash reserves:
“Democrats were also welcoming this rule. Until Bharat Ramamurti and Brian Deese got involved in the incident... What happened next? Democrats demanded that the regulation of stablecoins be given only to the Fed, and that the banks that will issue stablecoins should be state banks alone. They said they would only accept the law in this way. But the most insincere part is that, as I just said, the Fed had already banned national banks from issuing fixed coins months ago. So Democrats were demanding something the Fed had banned. Then the Republicans did not accept these new demands and the talks were inconclusive.”
'It's close to impossible to improve the crypto perspective'
Stating that it is very difficult for Harris to soften his view of crypto with these names, Thorn said:
“If names like Bharat Ramamurti, Brian Deese and Wally Adeyamo are the ones who will determine Harris' economic policy, it will be almost impossible for this administration to change or soften its perspective on crypto.”
