Anika Begay
As the 2024 US presidential election approaches, new evidence suggests that a Kamala Harris presidency could spell trouble for the cryptocurrency ecosystem. According to a recent social media post on X by Galaxy Digital’s head of research Alex Thorn, Vice President Kamala Harris appears poised to continue, and even intensify, the Biden administration regulatory repression on industry.
Anti-Crypto Figures as Consultants
Of thorn analyses points to Harris’s pick of advisers as a troubling sign for the digital asset community. The vice president has reportedly brought with her key anti-crypto figures from the current administration, including Brian Deese and Bharat Ramamurti, who are said to be “two key architects of the Biden administration’s anti-crypto crusade.”
Deese, in particular, drew the ire of the industry earlier this year when he released a blog post on the White House website outlining the administration’s “roadmap” for mitigating cryptocurrency risks.
Notably, this blog post was published on the same day that the Federal Reserve rejected Custodian Bank’s application for membership and a master account and extended restrictions on digital asset activities to all Bank members – actions that many saw as a coordinated effort to crack down on the industry.
Additionally, Senate Majority Leader Dick Durbin, another skeptic, took to the floor shortly after Deese’s blog post to harshly criticize companies like Fidelity for their involvement in the cryptocurrency industry.
Delving deeper into Bharat Ramamurti’s background as a leading critic of digital resources, having worked closely with Deese and Senator Elizabeth Warren, further highlights the potential Regulatory landscape under a potential Harris administration.
While strongly influenced by the current administration’s anti-cryptocurrency stance, this cohort of advisers, including Harris’ potential vice presidential running mate Tim Walz, casts doubt on the likelihood of a more favorable regulatory environment for the sector under Harris.
Fears of continued crackdown on industry
Bloomberg reports further escalate concerns, revealing Harris’ support for raising the corporate tax rate to 28% and taxing wealthy cryptocurrency holders, reflecting a harmonious echo of Biden’s statements. tax plan.
According to Thorn’s analysis of these developments, this confluence of events suggests some level of coordination between the White House, the Federal Reserve, and congressional Democrats in their approach to regulating cryptocurrencies.
Finally, Thorn supports the recalibration of Harris’s economic advisory team, backing voices such as Ro Khanna, Ritchie Torres, Wiley Nickel, Darren Soto and Kirsten Gillibrand, proponents of blockchain technology.
The crux of Thorn’s argument lies in the role of individuals in shaping policies, suggesting that a future economic team led by Deese, Ramamurti, and other members of the current administration could solidify a tough stance on cryptocurrency regulation under a potential Harris/Walz administration.
As Thorn summarizes, “if Brian Deese, Bharat Ramamurti, and Wally Adeyamo are destined to lead the economic policy of a Harris/Waltz administration, it is HIGHLY UNLIKELY that the administration will soften its stance on cryptocurrencies.”
Featured image from DALL-E, chart from TradingView.com
