Kamala Harris plans to uphold the Biden administration’s strict crypto regulations, working with former economic advisers Brian Deese and Bharat Ramamurti.
Kamala Harris, the Vice President of the United States, is committed to upholding the Biden administration’s rigorous cryptocurrency regulation.
According to reports, Harris is collaborating with Brian Deese and Bharat Ramamurti, two former economic advisers of the Biden administration.
They have been vocally critical of the previous Clarity for Payment Stablecoins Act of 2023, which they believe was excessively permissive for issuers.
Alex Thorn, the director of research at Galaxy, wrote in an Aug. 13 X post that Harris’ selection of economic advisers could indicate her intention to maintain the Biden administration’s hostile crypto regulatory approach.
“New evidence that Kamala Harris will continue the crypto crackdown. Her advisor choice suggests she will keep Biden’s hostile attitude to crypto.”
In a speech scheduled for mid-August, Harris is expected to disclose her economic policy agenda, which could provide investors with additional information regarding her stance on cryptocurrency regulation.
Was Deese and Ramamurti involved in ‘Operation Chokepoint 2.0’?
The sudden collapse of Silicon Valley Bank and the voluntary liquidation of Silvergate Bank in March 2023 had a significant impact on the US banking system.
On March 12, two days following Silvergate Bank’s liquidation, New York regulators also required Signature Bank to cease operations.
Nic Carter, a crypto venture capitalist, referred to the abrupt collapse of the three crypto-friendly US banks as “Operation Chokepoint 2.0.” Carter perceived it as a “coordinated effort” to unbank the crypto industry.
According to Galaxy’s Thorn, Deese and Ramamurti were purportedly involved in the operation, which is a cause for concern regarding future crypto regulation.
“Deese and Ramamurti are two key architects of the Biden admin’s anti-crypto crusade, including chokepoint 2.0.”
Bharat serves as a National Economic Council Deputy Director in the White House until October 2023. Fortune, a prominent American business magazine, has previously referred to him as the “White House’s top crypto critic.”
Thorn also emphasized that Harris’ selection of economic advisers indicates a more severe approach to the crypto industry.
“People are policy at the end of the day, and if Brian Deese, Bharat Ramamurti, Wally Adeyamo, et al are set to lead economic policy in a Harris/Walz administration, it’s very unlikely the administration will soften its stance on crypto.”
Harris disclosed Minnesota Governor Tim Walz as her running companion for the 2024 US presidential election on August 6, one week prior to the announcement.
