TLDR
- Vice President Kamala Harris may continue or escalate the Biden administration’s regulatory crackdown on cryptocurrencies.
- Harris has chosen advisors like Brian Deese and Bharat Ramamurti, who are known for their anti-crypto stance.
- Harris is preparing to give a speech in mid-August outlining her economic policy plans.
- Some experts see the collapse of crypto-friendly banks in March 2023 as part of a coordinated effort to restrict the crypto industry.
- Harris has selected Minnesota Governor Tim Walz as her running mate for the 2024 presidential election.
Recent developments suggest that Vice President Kamala Harris may maintain or potentially intensify the Biden administration’s approach to cryptocurrency regulation. This insight comes from an analysis of Harris’s choice of economic advisors as she prepares for a potential presidential run.
According to Alex Thorn, Head of Research at Galaxy Digital, Harris has brought on key figures from the current administration who have been critical of the cryptocurrency industry.
NEW EVIDENCE THAT @KamalaHarris WILL CONTINUE CRYPTO CRACKDOWN
her advisor choices suggest she will keep biden’s hostile attitude to crypto
harris is working w/ brian deese & bharat ramamurti, 2 key anti-crypto officials from biden admin..
thread 🧵 pic.twitter.com/1cMX4UtXXY
— Alex Thorn (@intangiblecoins) August 13, 2024
These include Brian Deese and Bharat Ramamurti, both of whom have played significant roles in shaping the Biden administration’s crypto policies.
Deese, a former economic advisor to President Biden, previously published a blog post on the White House website outlining the administration’s plan to mitigate risks associated with cryptocurrencies. This post coincided with actions by the Federal Reserve to restrict digital asset activities among banking members.
Ramamurti, referred to by Fortune magazine as the “White House’s top crypto critic,” served as a National Economic Council Deputy Director until October 2023.
His involvement in Harris’s team has raised concerns among some in the crypto community about the potential for continued strict regulation.
The Vice President is scheduled to give a speech in mid-August where she will outline her economic policy agenda. This address is expected to provide more insights into her stance on cryptocurrency regulation and other economic issues.
Some experts have drawn connections between these advisor choices and past events in the crypto industry. In March 2023, several crypto-friendly banks, including Silicon Valley Bank, Silvergate Bank, and Signature Bank, faced sudden closures or liquidations.
Nic Carter, a crypto venture capitalist, referred to these events as “Operation Chokepoint 2.0,” suggesting they were part of a coordinated effort to restrict banking services for the crypto industry.
I don’t want to alarm, but since the turn of the year, a new Operation Choke Point type operation began targeting the crypto space in the US. it is a well-coordinated effort to marginalize the industry and cut of its connectivity to the banking system – and it’s working
— nic carter (@nic__carter) February 7, 2023
Harris’s potential approach to crypto regulation is being scrutinized in the context of the upcoming 2024 U.S. presidential election. She recently announced Minnesota Governor Tim Walz as her running mate, adding another dimension to discussions about the potential economic policies of a Harris administration.
Reports from Bloomberg have indicated that Harris supports raising the corporate tax rate to 28% and increasing taxes on wealthy cryptocurrency holders. These positions align closely with President Biden’s current fiscal policies.
Some industry observers, including Galaxy Digital’s Thorn, have suggested that a recalibration of Harris’s economic advisory team could benefit the crypto industry.
They propose including voices more favorable to blockchain technology, such as Representatives Ro Khanna, Ritchie Torres, and Darren Soto.
As the 2024 election approaches, the crypto industry is closely watching for signs of how potential candidates might approach digital asset regulation. Harris’s upcoming economic policy speech in mid-August is expected to provide more concrete information about her plans.
The Vice President’s office has not yet commented directly on these analyses of her potential crypto policies. As the political landscape continues to evolve, the cryptocurrency community remains attentive to signals from key political figures about the future of digital asset regulation in the United States.
Source: https://blockonomi.com/bidens-crypto-crackdown-to-continue-harriss-economic-advisors-raise-concerns/