Kamala’s crypto crackdown? ‘Her advisor choices suggest…’

• Galaxy Digital exec claimed that Harris could extend crypto crackdown. 
• However, a Bloomberg analyst believed she could be neutral to positive for the market. 

Despite Kamala Harris’s crypto reset plan, some industry insiders have increasingly become doubtful about her impact in the sector, especially if she wins the U.S. elections. 

Galaxy Digital’s Head of Research, Alex Thorn, is the latest to raise an alarm about Harris. Thorn believed that Harris would extend crypto crackdown after hiring anti-crypto as her economic advisors. 

“Her advisor choices suggest she will keep Biden’s hostile attitude to crypto. Harris is working with Brian Deese & Bharat Ramamurti, 2 key anti-crypto officials from the Biden admin.”

Mixed views on Harris anti-crypto hires

Thorn added that the two officials were also behind Choke Point 2.0. 

“Deese and Ramamurti are two key architects of the Biden admin’s anti-crypto crusade, including chokepoint 2.0.”

For perspective, Choke Point 2.0 refers to the perceived U.S. regulatory restriction on crypto firms’ access to the banking system. Crypto-friendly Customers Bank was the latest victim of Choke Point 2.0. 

The officials also allegedly influenced and killed the stablecoin legislation, according to Thorn. 

On his part, Ryan Adams of Bankless echoed Thorn’s sentiment and called Harris’s move as,

“Extremely disappointing but also…a clear message.”

Bloomberg ETF analyst James Seyffart was sarcastic about the alleged Harris crypto reset, but had some reservations. He stated, 

“A Harris admin would be neutral to probably likely slightly positive for the space going forward when compared to the current Biden admin.”

However, another market commentator, Adam Cochran, defended Harris and claimed that the recent picks don’t necessarily point to bad faith for her future policy.

He added that her advisors have been engaging with the industry. 

“Meanwhile her advisors are having round tables with crypto, reaching out to lobby groups, and making real progress. If you want policy change, engage.”

Ro Khanna has led most of the above-mentioned Democrat-initiated crypto roundtables, and pledged to champion a bipartisan approach to crypto. 

However, unlike Donald Trump, Harris hasn’t clarified her crypto stand.

In the meantime, the odds of Harris winning the U.S. elections have climbed higher against Trump on the prediction site Polymarket. Harris’s winning chances stood at 53% against Trump’s 46%. 

Source: Polymarket