Kamala Harris To Continue Crypto Crackdown, Advisor Choices Suggest

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As a seasoned analyst with over two decades of experience navigating the intricacies of global financial markets, I find myself increasingly intrigued by the latest developments surrounding Kamala Harris and her approach to cryptocurrencies. My career has taken me through numerous market cycles, from the dot-com boom to the 2008 financial crisis, and now to the dawn of blockchain and digital assets.

It appears that Vice President Kamala Harris is maintaining a firm position towards the cryptocurrency industry, hinted by her recent choices of advisors. As she prepares to reveal parts of her economic policy plan in the near future, Harris has brought on board influential figures from the Biden administration, who are generally viewed as opponents of cryptocurrencies. This action suggests that she may prolong the regulatory pressure on the crypto market, which was initiated during President Joe Biden’s term.

Kamala Harris Advisory Team Raises Crypto Concerns

In his latest post on X, Galaxy’s Head of Research, Alex Thorn, pointed out that Kamala Harris had chosen Brian Nelson, a senior official from the U.S. Treasury Department, and Rohini Kosoglu, her long-term allies, as advisors on crypto matters. He backed this up with a report.

Yet, the selection of Brian Deese and Bharat Ramamurti, who significantly influenced Biden’s anti-cryptocurrency policies, has caused some surprise. As Thorn points out, this choice of advisors appears to indicate a firm commitment to maintain Biden’s perceived negative stance towards cryptocurrencies.

In the meantime, Thorn noted that Deese, who had been Biden’s chief economic advisor before, appeared to be a skeptic of cryptocurrencies. He wrote a White House blog post in January 2023, highlighting the dangers related to digital currencies and suggesting tighter control measures.

Furthermore, Thorn pointed out that Deese’s opposition towards cryptocurrency was clear as, on the very same day the blog was posted, the Federal Reserve denied Custodia Bank’s membership application. Additionally, not only did the Fed refuse Custodia Bank, but they also imposed restrictions on all crypto activities across all member banks on that exact date.

Instead, let’s talk about Ramamurti, another significant member of Harris’ advisory group. Much like Harris, he boasts a similar background. He is well-known for his close ties with Senator Elizabeth Warren, who is vocal about her criticisms towards cryptocurrencies. Consequently, Ramamurti has played a pivotal role in shaping policies designed to restrict the expansion of the crypto sector.

His participation in the Harris campaign strengthens apprehensions among cryptocurrency enthusiasts that the ongoing administration might persist with its aggressive stance towards regulating cryptocurrencies in the U.S.

Crypto Community Remains Skeptical Of US VP’s Intentions

The doubt among cryptocurrency enthusiasts about Harris’ motivations has increased significantly, particularly considering her campaign’s “crypto reset” proposal. Although this plan aims to improve ties with the crypto sector, numerous cryptocurrency analysts view Harris’ crypto reset initiative as a politically motivated move. This perception is especially strong given that former President Donald Trump is regaining influence within the cryptocurrency world.

According to Bloomberg analyst James Seyffart, there’s some skepticism regarding Kamala Harris’ potential for a significant shift in her stance on cryptocurrency, as expressed in relation to Thorn’s analysis. This doubt highlights the broader questions about Harris’ genuine views on digital currencies. With Harris’ advisory team primarily consisting of individuals who have previously been critical of the crypto industry, it’s uncertain whether her proposed “crypto reset” will result in any tangible change.

Lately, Vivek Ramaswamy has been trying to understand Kamala Harris’s views on cryptocurrencies and has even posed questions about whether Gary Gensler, who is often viewed as a critic of the crypto sector, will remain in his position if Harris becomes president.

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2024-08-13 20:34