Harris May Continue Biden Administration’s Crypto Regulatory Stance

Author: Zoltan Vardai, Cointelegraph; Compiler: Deng Tong, Golden Finance

Kamala Harris aims to maintain the Biden administration's strict stance on cryptocurrency regulation.

Harris is reportedly working with two former economic advisers to the Biden administration, Brian Deese and Bharat Ramamurti, who strongly opposed the previous 2023 Payment Stablecoin Act, arguing that the bill was too lenient towards issuers.

Alex Thorn, head of research at Galaxy, wrote in an August 13 X post that Harris’s choice of economic advisers may indicate that she intends to continue the Biden administration’s hostile regulatory approach to crypto:

“New evidence suggests @KamalaHarris will continue to crack down on cryptocurrencies. Her advisor choices suggest she will maintain Biden’s hostile approach to cryptocurrencies.”

Harris is set to unveil plans for her economic policy agenda in a mid-August speech, which may provide investors with more clues about her attitude toward cryptocurrency regulation.

Are Deese and Ramamurti involved in “Operation Chokepoint 2.0”?

In March 2023, Silicon Valley Bank suddenly collapsed and Silvergate Bank voluntarily liquidated, and the U.S. banking system was hit hard. Signature Bank was also forced to close its business by New York regulators on March 12, two days after Silvergate Bank was liquidated.

The sudden collapse of the three U.S. banks that supported cryptocurrencies was called "Operation Chokepoint 2.0" by cryptocurrency venture capitalist Nic Carter, who believed it was a "concerted effort" to de-bank the cryptocurrency industry.

Source: Nic Carter

Galaxy’s Thorn wrote that Deese and Ramamurti’s alleged involvement in the operation is a worrying sign for future cryptocurrency regulation, writing:

“Deese and Ramamurti are two of the main architects of the Biden administration’s anti-cryptocurrency campaign, including the chokepoint.” 2.0. ”

Ramamurti is “the White House’s top cryptocurrency critic”

Fortune, a well-known American business magazine, previously called Ramamurti the “White House’s top cryptocurrency critic.” He served as deputy director of the White House National Economic Council until October 2023.

This is another reason why Harris’ choice of economic advisors could mean a tougher stance for the cryptocurrency industry, Thorn added:

“Ultimately, people are policy, and if Brian Deese, Bharat Ramamurti, Wally Adeyamo, et al. are going to be leading economic policy in a Harris/Waltz administration, it’s unlikely that the administration will soften its stance on cryptocurrencies.”

The news comes a week after Harris announced Minnesota Governor Tim Waltz as her running mate for the 2024 U.S. presidential election on Aug. 6.