As the 2024 U.S. presidential election draws closer, concerns are growing within the crypto industry about the potential impact of a Kamala Harris presidency. Recent insights suggest that if elected, Vice President Kamala Harris could continue, or even escalate, the Biden administration’s stringent regulatory stance on digital assets.
According to a social media post by Alex Thorn, the Head of Research at Galaxy Digital, Kamala Harris has surrounded herself with advisors who have played significant roles in the current administration’s anti-crypto efforts. Notably, Harris has reportedly aligned with Brian Deese and Bharat Ramamurti, two figures deeply involved in the Biden administration’s approach to cryptocurrency regulation.
Deese has been a controversial figure within the crypto community, particularly after he authored a blog post on the White House website earlier this year. This post outlined the administration’s “roadmap to mitigating cryptocurrency’s risks.”
The timing of this post was notable, as it coincided with the Federal Reserve’s decision to deny Custodia Bank’s application for membership and a master account, and to expand restrictions on digital asset activities for all banking members. These actions were widely interpreted as a coordinated crackdown on the industry.
Bharat Ramamurti, another advisor to Harris, has also been a vocal critic of digital assets. Ramamurti has worked closely with figures like Senator Elizabeth Warren, known for her skepticism toward the crypto industry. The presence of such advisors in Harris’s camp suggests that her administration may not offer a more favorable regulatory environment for cryptocurrencies.
Kamala Harris Presidency: Concerns Over Continued Regulatory Pressure
Bloomberg has reported that Kamala Harris supports increasing the corporate tax rate to 28% and imposing higher taxes on wealthy crypto holders. These positions align closely with President Biden’s fiscal policies and have raised further alarm within the crypto community about the direction a Harris administration might take.
Thorn’s analysis indicates a concerning level of coordination between the White House, the Federal Reserve, and congressional Democrats when it comes to their approach to cryptocurrency regulation. This coordination could suggest that a Harris administration might maintain, or even tighten, the regulatory measures currently in place.
Amid these concerns, Thorn has advocated for a shift in the economic advisory team that might serve under a Harris presidency. He has suggested that Harris consider bringing in advisors who are more supportive of blockchain technology, such as Ro Khanna, Ritchie Torres, Wiley Nickel, Darren Soto, and Kirsten Gillibrand. These figures have been known to champion the potential benefits of blockchain and could help shape a more balanced regulatory approach.
However, if Kamala Harris continues to rely on advisors like Deese and Ramamurti, Thorn warns that the industry could face a continued crackdown. He summarized his concerns by stating, “If Brian Deese, Bharat Ramamurti, and Wally Adeyemo are set to lead economic policy in a Harris administration, it’s VERY UNLIKELY the administration will soften its stance on crypto.”
What’s Next for the Crypto Industry?
As the election approaches, the crypto community is left to ponder what a Harris presidency might mean for the future of digital assets in the United States. The potential for continued regulatory pressure could have significant implications for the industry, and many are watching closely to see how Harris’s economic team might shape her approach to crypto.
The possibility of Kamala Harris becoming the next president raises important questions about the future of cryptocurrency regulation in the U.S. With key advisors in place who have been critical of the industry, there is growing concern that her administration could intensify the crackdown on digital assets. As the election unfolds, the crypto community will be watching closely, hoping for signs of a more balanced approach to regulation under a potential Harris presidency.
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