As the 2024 US presidential election looms, new evidence suggests that a Kamala Harris presidency could spell trouble for the crypto 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 escalate, the Biden administration’s regulatory crackdown on the industry.
Anti-Crypto Figures As Advisors
Thorn’s analysis points to Harris’ choice of advisers as a concerning signal for the digital asset community. The vice president has reportedly brought on 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 admin’s anti-crypto crusade.”
Deese, in particular, drew the industry’s ire earlier this year when he published a blog post on the White House website outlining the administration’s “roadmap to mitigating cryptocurrency’s risks.”
Notably, this blog post was published on the same day that the Federal Reserve denied Custodia Bank’s application for membership and a master account and expanded restrictions on digital asset activities to all banking members – actions that many viewed as a coordinated effort to clamp down on the industry.
Additionally, Senate Majority Whip Dick Durbin, another skeptic, took to the Senate floor shortly after Deese’s blog post to lambast firms like Fidelity for their involvement in the crypto space.
Delving into Bharat Ramamurti’s background as a prominent critic of digital assets, having closely collaborated with Deese and Senator Elizabeth Warren, further illuminates the potential regulatory landscape under a prospective Harris administration.
If heavily influenced by the current administration’s anti-crypto stance, this lineup of advisors, including Harris’ potential vice presidential running mate Tim Walz, casts doubt on the likelihood of a more favorable regulatory environment for the industry under a Harris presidency.
Fears Of Continued Industry Crackdown
Reports from Bloomberg further intensify concerns, revealing Harris’s support for raising the corporate tax rate to 28% and taxing wealthy crypto holders, reflecting a harmonious echo of Biden’s fiscal agenda.
This confluence of events suggests a level of coordination between the White House, the Federal Reserve, and congressional Democrats in their approach to cryptocurrency regulation, according to Thorn’s analysis of these developments.
Ultimately, Thorn advocates for a recalibration of Harris’s economic advisory team, endorsing voices like Ro Khanna, Ritchie Torres, Wiley Nickel, Darren Soto, and Kirsten Gillibrand, who champion blockchain technology.
The crux of Thorn’s argument lies in individuals’ role in shaping policy, hinting that a future economic team led by Deese, Ramamurti, and others from the current administration could solidify a stringent stance on crypto regulation under a potential Harris/Walz administration.
As Thorn summarizes, “if Brian Deese, Bharat Ramamurti, Wally Adeyamo are set to lead economic policy in a Harris/Walz administration, it’s VERY UNLIKELY the administration will soften its stance on crypto.”
Featured image from DALL-E, chart from TradingView.com