As a seasoned researcher with over two decades of experience in financial markets and regulatory policy, I find myself increasingly concerned about the potential impact of a Kamala Harris presidency on the crypto ecosystem. My journey through the world of finance has taken me from Wall Street to Washington, giving me a unique perspective on the interplay between politics and economics.
With the 2024 U.S. presidential election approaching, indications point towards potential difficulties for the cryptocurrency sector under a possible presidency of Vice President Kamala Harris. As per a recent post on social media from Galaxy Digital’s Head of Research, Alex Thorn, there are signs that Harris may continue and possibly intensify the Biden administration’s regulatory scrutiny over the industry.
Anti-Crypto Figures As Advisors
Thorn’s findings suggest that Harris’ selection of advisors raises red flags within the digital asset sector, as it appears she has appointed influential figures critical of cryptocurrency from the current administration. The vice president is rumored to have recruited Brian Deese and Bharat Ramamurti, who are believed to be the main designers of the Biden administration’s anti-cryptocurrency stance.
Specifically, Deese sparked criticism within the industry earlier this year by publishing a blog post detailing the administration’s plan for addressing potential risks associated with cryptocurrencies on the White House website.
Significantly, this article was released concurrently with the Federal Reserve’s rejection of Custodia Bank’s application for membership and a master account, along with tightening restrictions on digital asset activities for all banking affiliates. These moves were seen by many as a strategic attempt to suppress the industry.
As a analyst, I too have been observing with interest the growing involvement of firms like Fidelity in the cryptocurrency sector. Notably, Senate Majority Whip Dick Durbin, who shares my skepticism about this domain, recently voiced his criticism on the Senate floor following a blog post by Deese. His remarks were directed at companies such as Fidelity, underscoring his concerns about their activities in the crypto space.
Exploring Bharat Ramamurti’s history as a vocal opponent of digital assets, who has worked closely with Deese and Senator Elizabeth Warren, sheds light on what the regulatory environment might look like in a possible Harris administration.
If the current administration’s negative view towards cryptocurrencies significantly impacts their choice of advisors, such as Tim Walz who might be Vice President Harris’ running mate, it raises questions about whether a more supportive regulatory climate for the crypto industry would emerge under a Harris presidency.
Fears Of Continued Industry Crackdown
According to Bloomberg’s latest reports, Harris’s stance on increasing the corporate tax rate to 28% and taxing high-income cryptocurrency owners aligns well with Biden’s financial policy plan, fueling growing worries in this area.
Based on Thorn’s examination of recent occurrences, it appears there might be a high degree of collaboration between the White House, the Federal Reserve, and Democratic members of Congress when it comes to shaping cryptocurrency regulations.
As a researcher delving into the realm of economics, I firmly believe in the potential benefits that blockchain technology could bring. In light of this, I propose a strategic reshuffling of Harris’s economic advisory team to incorporate voices such as Ro Khanna, Ritchie Torres, Wiley Nickel, Darren Soto, and Kirsten Gillibrand. These individuals are ardent advocates for the integration of blockchain technology into our economic landscape.
Essentially, Thorn’s main point is that people play a crucial role in deciding policy, implying that if Deese, Ramamurti, and other members of the current administration were to lead an economic team, they might firm up tough crypto regulations under a possible Harris/Walz administration.
According to Thorn’s explanation, if Brian Deese, Bharat Ramamurti, and Wally Adeyamo are expected to lead economic policy in a potential Harris/Walz administration, it’s highly unlikely that the administration would become less firm in its approach towards cryptocurrencies.
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2024-08-14 10:12