Kamala Harris May Increase Crypto Crackdown
13 Aug, 2024 ● الأشخاص المشفرون
U.S. Vice President Kamala Harris plans to uphold the Biden administration’s strict approach to cryptocurrency regulation.
Harris is reportedly collaborating with Brian Deese and Bharat Ramamurti, former economic advisers under the Biden administration who were strong opponents of the Clarity for Payment Stablecoins Act of 2023, deeming it too lenient for issuers.
Harris' selection of these economic advisers suggests she may continue the Biden administration's stringent crypto regulatory stance, according to Alex Thorn, head of research at Galaxy, who stated in an Aug. 13 X post:
“NEW EVIDENCE THAT @KamalaHarris WILL CONTINUE CRYPTO CRACKDOWN. Her advisor choice suggests she will keep Biden’s hostile attitude to crypto.”
Harris is set to unveil her economic policy agenda in a speech scheduled for mid-August, which could provide further insight into her stance on cryptocurrency regulation.
In March 2023, the U.S. banking system was shaken by the sudden collapse of Silicon Valley Bank and the voluntary liquidation of Silvergate Bank.
Signature Bank was also forced to shut down by New York regulators on March 12, two days after Silvergate’s liquidation.
The abrupt failure of these three crypto-friendly banks was termed “Operation Chokepoint 2.0” by crypto venture capitalist Nic Carter, who perceived it as a “coordinated effort” to debank the crypto industry.
In a worrisome sign for future crypto regulation, Deese and Ramamurti were reportedly involved in this operation, according to Thorn, who noted:
“Deese and Ramamurti are two key architects of the Biden admin’s anti-crypto crusade, including chokepoint 2.0.”
Fortune magazine has previously labeled Ramamurti as the “White House’s top crypto critic,” who served as a National Economic Council Deputy Director in the White House until October 2023.
Thorn further noted that Harris’ choice of economic advisers indicates a tougher stance for the crypto industry:
“People are policy at the end of the day, and if Brian Deese, Bharat Ramamurti, Wally Adeyamo, et al are set to lead economic policy in a Harris/Walz administration, it’s very unlikely the administration will soften its stance on crypto.”
This announcement follows Harris' reveal of Minnesota Governor Tim Walz as her running mate for the 2024 U.S. presidential election on Aug. 6.
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