Potential Threat to Crypto Ecosystem Under a Kamala Harris Presidency
Analyst Warns of Anti-Crypto Advisors Influence
As the 2024 US presidential election approaches, concerns are mounting in the crypto community about the potential impact of a Kamala Harris presidency. A recent social media post by Galaxy Digital’s Head of Research, Alex Thorn, highlights Vice President Kamala Harris’s possible continuation and escalation of the Biden administration’s regulatory crackdown on the industry.
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Appointment of Anti-Crypto Figures
- Thorn’s analysis raises red flags on Harris’s choice of advisors.
- Brian Deese and Bharat Ramamurti, key figures in the anti-crypto crusade led by the current administration, have joined Harris’s team.
- Deese’s past actions, like publishing a blog post outlining regulatory strategies against cryptocurrencies, have stirred controversy within the industry.
- Continued Crackdown Fears
- Reports indicate Harris’s support for tax increases, echoing Biden’s fiscal policies.
- This alignment suggests a coordinated effort by the White House, Federal Reserve, and Democratic lawmakers on crypto regulation.
- Concerns grow over the potential economic team’s influence on crypto policy under Harris/Walz leadership.
Implications for Regulatory Environment Under Harris Administration
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Harris’s Economic Advisory Team
- Analyst Thorn advocates for a change in economic advisors to promote a more favorable stance on crypto.
- He suggests names like Ro Khanna, Ritchie Torres, and Kirsten Gillibrand, known to support blockchain technology.
- The composition of Harris’s economic team could determine the administration’s approach to crypto regulation.
- Need for Policy Shift
- The current lineup of advisors, including Deese and Ramamurti, signals a strict stance on crypto regulation under a prospective Harris/Walz administration.
- A shift towards more pro-crypto voices in the economic team could lead to a more favorable regulatory environment for the industry.
Hot Take: Harris Presidency Raises Concerns for Crypto Industry
As the 2024 US presidential election looms, the crypto ecosystem faces uncertainty under a potential Kamala Harris presidency. The appointment of anti-crypto advisors and signals of continued regulatory crackdowns pose challenges for the industry. The alignment of Harris’s economic policies with Biden’s agenda indicates a coordinated effort against cryptocurrencies. Crypto enthusiasts should closely monitor developments in Harris’s team and economic policies to gauge the future regulatory landscape under her administration.
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