Kamala Harris, the Vice President of the United States, is likely to extend the Biden administration’s aggressive approach to cryptocurrency regulation. Reports indicate that Harris is collaborating with former Biden economic advisers Brian Deese and Bharat Ramamurti, both known for opposing the Clarity for Payment Stablecoins Act of 2023, which they deemed too lenient.
Alex Thorn, head of research at Galaxy, highlighted this development in an Aug. 13 post on X, suggesting that Harris’ choice of advisers points to a continued crackdown on crypto under her potential leadership. Thorn warned that Harris’ upcoming economic policy speech in mid-August could provide further insights into her regulatory intentions.
The involvement of Deese and Ramamurti raises concerns about their potential role in the so-called “Operation Chokepoint 2.0,” a term coined by crypto venture capitalist Nic Carter. This operation allegedly involved coordinated efforts to unbank the crypto industry, following the sudden closures of crypto-friendly banks like Silicon Valley Bank and Silvergate Bank in March 2023.
Thorn also noted that Ramamurti, once dubbed the “White House’s top crypto critic,” could influence Harris’ policies, signaling a continued tough stance on the industry. This news comes shortly after Harris announced Minnesota Governor Tim Walz as her running mate for the 2024 presidential election.
Investors and the crypto community will be closely watching Harris’ next moves, which could shape the future of cryptocurrency regulation in the United States.
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