Kamala Harris Advisor Choices: What to Expect for Crypto Regulation
Vice President Kamala Harris, the Democratic presidential nominee, is gearing up to uphold and potentially strengthen the Biden administration’s tough stance on cryptocurrency regulation, as indicated by recent reports and insights from industry experts.
Kamala Harris Advisor Choices Signal Potential Crypto Crackdown
Harris is collaborating with Brian Deese and Bharat Ramamurti, both former economic advisers of the Biden administration who opposed the Clarity for Payment Stablecoins Act of 2023, deeming it too lenient for issuers.
- This advisor selection has generated curiosity in the crypto community.
Alex Thorn, Galaxy’s head of research, mentioned, “Her advisor choice suggests she will maintain Biden’s hostile stance toward crypto.”
Deese and Ramamurti’s backgrounds become crucial in light of developments in the U.S. banking sector.
- In March 2023, crypto-friendly banks like Silicon Valley Bank and Silvergate Bank faced potential shutdowns.
Some industry observers dubbed this series of events “Operation Chokepoint 2.0,” perceiving it as a coordinated move to distance the banking sector from crypto businesses.
Thorn stated that Deese and Ramamurti played pivotal roles in shaping the Biden administration’s stringent crypto regulation approach.
Ramamurti, notably critical of the crypto industry, aligning with Harris’s campaign could indicate a continuation or escalation of this standpoint.
However, the vice president is anticipated to reveal her economic policy agenda in a speech in mid-August, offering more clarity on her approach to crypto regulation.
Skepticism Within the Crypto Community and Implications of Election on Harris’ Crypto Stance
Recent events have incited skepticism regarding Harris’ intentions toward the crypto sector.
- The Federal Reserve’s action against the crypto-friendly Customers Bank on August 9 sparked debates about the administration’s authentic stance.
Tyler Winklevoss, Gemini co-founder, voiced concerns, indicating that “Operation Choke Point 2.0 remains active,” casting doubt on Harris’s purported efforts to mend relations with the crypto industry.
- Charles Hoskinson, Cardano founder, warned that endorsing Harris might jeopardize the U.S. crypto sector, implying a possible extension of the current administration’s perceived “anti-crypto” drive.
With the election fewer than 90 days away, crypto supporters contemplating a Harris vote face mounting pressure to justify their decision.
- Recent polls show Harris neck and neck with Republican nominee Donald Trump in crucial states.
Polymarket, a prediction platform, reflects the uncertainty surrounding the election’s outcome and its potential implications on crypto policy.
Though Harris hasn’t clearly articulated her crypto stance, the public awaits further details in the upcoming weeks.
- Face-offs with Trump in televised debates offer opportunities for Harris to clarify her crypto regulation stance.
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