Crypto Community Braces for Crackdown if Kamala Harris Wins White House
As the 2024 U.S. presidential election approaches, the cryptocurrency community is growing increasingly concerned about the future of digital asset regulation. Vice President Kamala Harris, the Democratic Party nominee, is expected to maintain and possibly intensify the Biden administration’s strict regulatory stance on cryptocurrency. Her advisor choices, including Brian Deese and Bharat Ramamurti, signal the possibility of a more aggressive crackdown, raising fears of extended restrictions on crypto businesses.
A Tough Stance on Crypto Regulation
The Biden administration has implemented a series of actions that many in the crypto space see as hostile. This includes the collapse of crypto-friendly banks like Silicon Valley Bank and Silvergate Bank in 2023, which has been dubbed “Operation Chokepoint 2.0.” These events left the crypto industry scrambling to find banking partners and stoked fears of further financial exclusion under a Harris administration. Given that Harris has been working with some of the same advisors responsible for these policies, the community is bracing for a continuation of the anti-crypto sentiment.
The Role of Deese and Ramamurti in Harris’ Policy
Deese and Ramamurti, who previously opposed the Clarity for Payment Stablecoins Act of 2023, are seen as key figures in shaping Harris’ crypto policy. Their skepticism about the industry suggests that Harris’ approach may focus on stricter oversight and enforcement. Tyler Winklevoss, co-founder of Gemini, and Charles Hoskinson, founder of Cardano, have publicly expressed concerns that a Harris victory could stifle innovation and lead to more severe crackdowns on the industry.
Democratic Party Divisions Over Crypto
Harris’ position has sparked a broader debate within the Democratic Party. Pro-crypto Democrats are pushing her to adopt a more conciliatory stance, arguing that the U.S. should embrace digital assets to remain competitive globally. However, more crypto-skeptical factions, led by figures like Sen. Elizabeth Warren, are urging Harris to maintain the status quo, warning about the risks that crypto poses to financial stability and national security.
Skepticism and Support: The Crypto Industry’s View
The upcoming election could have far-reaching implications for the future of cryptocurrency regulation. Donald Trump, Harris’ Republican opponent, has signaled a more crypto-friendly approach, promising to dismantle what he refers to as the “unlawful crackdown” on digital assets. The contrast between Harris’ and Trump’s stances on crypto is likely to play a significant role in how the industry votes in November.
Conclusion: What’s Next for Crypto?
With Harris set to unveil her economic policy soon, the crypto industry is anxiously awaiting more details on how she will approach regulation. If elected, her administration could usher in a new wave of enforcement actions, leaving the future of cryptocurrency in the U.S. at a crossroads.
