Kamala Harris To Continue Crypto Crackdown, Advisor Choices Suggest

US Vice President Kamala Harris appears to continue a harsh stance on the cryptocurrency sector, as indicated by her recent advisor picks. The US VP, who is expected to unveil elements of her economic policy agenda soon, has enlisted key figures from the Biden administration, whom many deem as anti-crypto figures. This move suggests that she may continue the crypto crackdown initiated under President Joe Biden’s tenure.

Kamala Harris Advisory Team Raises Crypto Concerns

In a recent X post, Galaxy Head Of Research Alex Thorn highlighted Kamala Harris’s anti-crypto advisory picks. He shared a report that showed that the US Vice President had added Brian Nelson, a top Treasury Department official, to her advisory team alongside longtime allies like Rohini Kosoglu.

However, it’s her inclusion of Brian Deese and Bharat Ramamurti, both of whom played pivotal roles in shaping Biden’s anti-crypto policies, that has raised eyebrows. According to Thorn, her choice of advisors signals a clear intention to continue Biden’s “hostile attitude” toward cryptocurrency.

Meanwhile, Thorn said that Deese, who previously served as Biden’s top economic advisor, particularly seemed to be an anti-crypto official. He authored a White House blog post in January 2023, emphasizing the risks associated with cryptocurrency and advocating for stricter regulation.

In addition, Thorn highlighted that Deese’s anti-crypto stance was evident when, on the same day the blog was published, the Federal Reserve rejected Custodia Bank’s membership application. Besides, the Fed also extended restrictions on crypto activities to all member banks on the same date.

On the other hand, Ramamurti, another key figure in Harris’ advisory circle, has a similar track record. Known for his close association with Senator Elizabeth Warren, a prominent crypto critic, Ramamurti has been instrumental in crafting policies aimed at curbing the growth of the crypto industry.

His involvement in the Harris campaign further solidifies concerns within the crypto community that the current administration’s potential continuity on a crypto crackdown in the US.

Crypto Community Remains Skeptical Of US VP’s Intentions

The crypto community’s skepticism towards Harris’ intentions has grown, especially in light of her campaign’s proposed “crypto reset” plan. While the plan suggests an effort to mend relations with the crypto industry, many crypto market experts see the US Vice President’s crypto reset move as a mere political move, particularly as former President Donald Trump gains traction within the crypto space.

Bloomberg analyst James Seyffart recently commented on Thorn’s analysis, expressing doubt over Harris’ ability to shift her stance meaningfully. His remarks underscore the broader uncertainty surrounding Harris’ true position on crypto. With her advisory team dominated by figures who have historically opposed the industry, it remains unclear whether the “crypto reset” will bring about any substantial change.

Recently, Vivek Ramaswamy sought clarity on Kamala Harris’s crypto stance. In addition, he also questioned if the SEC Chair Gary Gensler, whom many see as an anti-crypto official, will continue in his chair under her presidency.

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Rupam Roy

Rupam, a seasoned professional with 3 years in the financial market, has honed his skills as a meticulous research analyst and insightful journalist. He finds joy in exploring the dynamic nuances of the financial landscape. Currently working as a sub-editor at Coingape, Rupam’s expertise goes beyond conventional boundaries. His contributions encompass breaking stories, delving into AI-related developments, providing real-time crypto market updates, and presenting insightful economic news. Rupam’s journey is marked by a passion for unraveling the intricacies of finance and delivering impactful stories that resonate with a diverse audience.

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