Potential Harris Presidency Signals Continued Tough Crypto Stance

As the 2024 U.S. presidential election looms, there is growing evidence that Kamala Harris may adopt a similar approach to cryptocurrency regulation as President Joe Biden.

Harris has formed a team of advisors with significant ties to Biden’s administration, notably Brian Deese and Bharat Ramamurti.

Key Advisors and Their Influence

Deese, who previously led the National Economic Council, was instrumental in shaping Biden’s crypto policies.

One of his notable contributions was the controversial “Chokepoint 2.0” strategy, which aimed to limit the participation of financial institutions in the cryptocurrency sector.

Thorn, an analyst from Galaxy Research, observed that Deese’s influence extended to actions such as the Federal Reserve’s rejection of Custodia Bank’s membership application.

These moves were part of a broader effort to curb the growth of the cryptocurrency industry, according to Thorn.

Ramamurti, another key figure in Harris's advisory team, has a reputation as a vocal critic of cryptocurrencies.

He is credited with halting pro-crypto legislation, such as a 2023 stablecoin bill, which could have allowed stablecoins to operate under stringent regulations.

Unlikely to Ease Crypto Regulations

Thorn suggests that with both Deese and Ramamurti in Harris's corner, any shift toward a more lenient stance on cryptocurrency is improbable.

This perspective could have far-reaching effects on the cryptocurrency sector as it grapples with the evolving regulatory landscape in the U.S.