Kamala Harris Could Maintain Biden’s Stringent Approach to Crypto Regulations

Key Insights:

• Harris may uphold Biden’s tough crypto regulations, guided by advisers who have criticized lenient crypto policies.
• Advisers linked to “Operation Chokepoint 2.0” suggest Harris could continue a strict anti-crypto stance.
• Harris’ running mate, Walz, brings regulatory focus, raising questions about future U.S. cryptocurrency policies.

Kamala Harris, Vice President of the United States and a key figure in the upcoming 2024 presidential election, is expected to continue the Biden administration’s rigorous approach toward cryptocurrency regulation. Harris has reportedly consulted with Brian Deese and Bharat Ramamurti, former economic advisers to the Biden administration who have been vocal critics of lenient crypto regulations.

Brian Deese, who previously served as the Director of the National Economic Council, and Bharat Ramamurti, who was the Deputy Director of the same council, were both involved in shaping the administration’s economic policies, including its stance on cryptocurrency. Their involvement in Harris’ advisory team has led to speculation that she may maintain a similarly tough regulatory approach. 

According to Alex Thorn, head of research at Galaxy, Harris’ choice of advisers suggests she will likely uphold the Biden administration’s “hostile attitude to crypto.”

Concerns Over ‘Operation Chokepoint 2.0’

In March 2023, the sudden collapse of three US banks with strong ties to the cryptocurrency industry raised concerns within the crypto community. Silicon Valley Bank, Silvergate Bank, and Signature Bank, all known for their crypto-friendly policies, were abruptly shut down, leading to what some have described as “Operation Chokepoint 2.0.” 

Moreover, this term was popularized by Nic Carter, a crypto venture capitalist, who suggested that the closure of these banks was part of a coordinated effort to restrict the crypto industry’s access to banking services.

Reports have since emerged linking Deese and Ramamurti to this perceived crackdown on the crypto sector. Their involvement in what was seen as a concerted effort to “unbank” the crypto industry has fueled concerns about the future of cryptocurrency regulation under a potential Harris administration. Thorn stated that Deese and Ramamurti were “two key architects of the Biden admin’s anti-crypto crusade,” adding to the speculation that Harris may continue to take a tough stance on the industry.

Harris’ Economic Policy Announcement Anticipated

Harris is set to unveil her economic policy agenda in a speech scheduled for mid-August 2024. This announcement is expected to provide further insights into her administration’s potential approach to cryptocurrency regulation. While Harris’ specific views on cryptocurrency remain largely undocumented, her selection of economic advisers and previous political positions suggest a focus on consumer protection and stringent financial oversight.

Analysts from Bitfinex, a cryptocurrency exchange, noted that although Harris’ stance on cryptocurrency is not well-documented, her broader political positions indicate a likelihood of continued regulatory scrutiny on the market. This scrutiny could manifest in policies aimed at increasing consumer protection and ensuring the financial system’s stability, potentially leading to more rigorous oversight of the cryptocurrency industry.

Governor Walz Joins Harris as Running Mate

On August 6, 2024, Harris announced Minnesota Governor Tim Walz as her vice-presidential running mate for the upcoming election. Walz, who has served over 12 years in Congress and is currently in his second term as governor, is known for his focus on regulatory issues, although his stance on cryptocurrency has not been publicly articulated.

Walz’s record as a governor includes a focus on economic regulation, which some believe may influence the administration’s approach to crypto regulation should Harris win the presidency. However, his specific views on cryptocurrency have yet to be disclosed, leaving the industry uncertain about what to expect from a potential Harris-Walz administration.

Harris’ announcement of her running mate comes shortly after President Joe Biden declared that he would not seek re-election, setting the stage for a closely watched campaign. The potential continuation of the Biden administration’s crypto policies under Harris could have wide-ranging effects on the industry, depending on the specific measures she chooses to adopt.

Editorial credit: Philip Yabut / Shutterstock.com

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