A Harris administration is likely to continue the Biden administration’s aggressive and restrictive stance on crypto.
As the US prepares for the 2024 presidential election, new insights suggest that a potential Kamala Harris administration is likely to maintain a hardline stance on cryptocurrencies, continuing the policies established under President Joe Biden.
Alex Thorn, Head of Research at Galaxy Research, has highlighted key appointments within Harris’s advisory team that indicate a continuation of the Biden administration’s aggressive approach to crypto regulation.
According to Thorn, Harris is working closely with Brian Deese and Bharat Ramamurti, two prominent figures from the Biden administration known for their anti-crypto positions.
if harris’ campaign is really about the future, why are the backwards thinkers of the biden administration advising her on economic policy? she would do well to instead listen to democrats like @RoKhanna @RitchieTorres @WileyNickel @RepDarrenSoto @SenGillibrand and others who…
— Alex Thorn (@intangiblecoins) August 13, 2024
Deese, a former Director of the National Economic Council (NEC), played a central role in shaping the Biden administration’s crypto policies, including the controversial “Chokepoint 2.0” initiative.
This initiative involved a series of coordinated actions by federal agencies to restrict the involvement of banks and other financial institutions in the cryptocurrency industry.
Thorn pointed out that Deese’s influence was evident when he authored a blog post titled “The Administration’s Roadmap to Mitigating Cryptocurrency’s Risks,” published on Jan. 27, 2023.
That same day, the Federal Reserve rejected Custodia Bank’s application for membership and extended restrictive guidance on crypto activities to all state-chartered entities.
Thorn noted that the timing of these events strongly suggests a coordinated effort to clamp down on the crypto industry, driven by Deese and supported by other key figures like Ramamurti.
Ramamurti, who also worked under Deese at the NEC, has been described as “the White House’s top crypto critic” and has a history of opposing pro-crypto legislation.
He is credited with blocking a compromise on stablecoin legislation in 2023, which would have brought stablecoins under a heavily regulated framework but still allowed them to operate legally.
Thorn argues that the intervention by Deese and Ramamurti effectively killed the legislation, reinforcing the administration’s anti-crypto agenda.
Thorn’s analysis indicates that with Deese and Ramamurti advising Harris, it is “VERY UNLIKELY the administration will soften its stance on crypto.”
This continued crackdown could have significant implications for the cryptocurrency industry, especially as it navigates regulatory challenges in the US.
