Kamala Harris to Intensify Crypto Crackdown if Elected: Report
Jimmy has nearly 10 years of experience as a journalist and writer in the blockchain industry. He has worked with well-known publications such as Bitcoin Magazine, CCN, Business2Community, and...
Vice President Kamala Harris, now the Democratic presidential nominee, is reportedly preparing to maintain and potentially intensify the Biden administration’s stringent approach to cryptocurrency regulation, according to recent reports and analysis from industry experts.
Harris is reportedly working with Brian Deese and Bharat Ramamurti, two former economic advisers of the Biden administration, who previously opposed the Clarity for Payment Stablecoins Act of 2023, considering it too permissive for issuers.
This choice of advisors has raised eyebrows in the crypto community.
Alex Thorn, head of research at Galaxy, stated, “Her advisor choice suggests she will keep Biden’s hostile attitude to crypto.”
in april, @rkuttnerwrites confirmed leo’s reporting, saying that it was specifically deese and ramamurti who intervened to kill the stablecoin legislation (https://t.co/anTydcT2h2)
keep in mind that this bill would have legalized but *heavily regulated* stablecoins — both with… pic.twitter.com/4eFOGSyPfI
Deese and Ramamurti’s backgrounds are particularly noteworthy in the context of events in the U.S. banking sector.
In March 2023, the crypto-friendly banks Silicon Valley Bank, Silvergate Bank, and Signature Bank faced sudden collapses or forced closures.
This series of events was dubbed “Operation Chokepoint 2.0” by some industry observers, who viewed it as a coordinated effort to distance the banking sector from cryptocurrency businesses.
According to Thorn, Deese and Ramamurti were key figures in shaping the Biden administration’s
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