Bitrabo Editorial
With the upcoming 2024 US presidential race on the horizon, fresh evidence indicates that a potential Kamala Harris administration could pose challenges for the cryptocurrency industry. In a recent social media post on X by Galaxy Digital’s Head of Research, Alex Thorn, signals hint at Vice President Kamala Harris likely continuing and escalating the regulatory crackdown initiated by the Biden administration.
Opposition to Cryptocurrency by Key Advisors
Thorn’s evaluation points towards Harris’ selection of advisors raising concerns within the digital asset community. The vice president has reportedly enlisted prominent anti-crypto figures from the current administration, including Brian Deese and Bharat Ramamurti, described as pivotal contributors to the Biden administration’s anti-crypto initiatives.
Deese, notably, faced backlash from the industry earlier this year following a blog post on the White House website outlining strategies to mitigate risks associated with cryptocurrencies. This publication coincided with the Federal Reserve’s denial of Custodia Bank’s membership application, viewed by many as a coordinated effort to tighten controls on digital asset activities across banking institutions.
Furthermore, Senator Dick Durbin criticized firms like Fidelity for their engagement in the crypto sector soon after Deese’s blog post.
Exploring Bharat Ramamurti’s background as a vocal opponent of digital assets, closely collaborating with Deese and Senator Elizabeth Warren, sheds light on the potential regulatory landscape under a prospective Harris administration.
If Harris’ advisory team aligns closely with the existing administration’s anti-crypto stance, including potential vice-presidential running mate Tim Walz, prospects for a more favorable regulatory environment within the industry under a Harris presidency appear uncertain.
Concerns Over Continued Industry Regulations
Reports from Bloomberg heighten concerns, indicating Harris’ endorsement of corporate tax rate hikes to 28% and proposing taxes on affluent crypto holders, mirroring Biden’s fiscal agenda.
This series of events implies a coordinated approach towards cryptocurrency regulation between the White House, Federal Reserve, and congressional Democrats, as per Thorn’s analysis.
In essence, Thorn suggests reevaluating Harris’ economic advisory team, supporting figures like Ro Khanna, Ritchie Torres, Wiley Nickel, Darren Soto, and Kirsten Gillibrand, known for advocating blockchain technology.
Thorn’s argument emphasizes the pivotal role of individuals in policy formulation, indicating that an economic team led by Deese, Ramamurti, and others from the current administration could solidify a stringent stance on crypto regulation in a hypothetical Harris/Walz administration.
Thorn concludes that having Brian Deese, Bharat Ramamurti, Wally Adeyamo at the helm of economic policy in a Harris/Walz administration indicates an improbable softening of the administration’s stance on crypto.
Featured image from DALL-E, chart from TradingView.com