We expect President Kamala Harris to keep and maybe even toughen the Biden administration’s strict attitude on regulating cryptocurrencies. She is getting ready to give a speech in the middle of August about her economic policy plans. However, her recent choice of economic advisors has caused a lot of people to worry about how she will handle digital assets.
Harris has hired Brian Deese and Bharat Ramamurti. Both of them were economic advisers to President Biden and are known for having negative views on cryptocurrency. They were against the Clarity for Payment Stablecoins Act of 2023 because they thought it was too easy on crypto producers. This suggests that Harris may keep the administration’s strict rules on regulations.
The hiring of these advisors could mean that the regulatory approach known as “Operation Chokepoint 2.0” will continue. Some people in the industry think that this was part of a larger plan to limit the crypto sector by affecting banks that work with crypto companies. People who are pushing for this regulation see Deese and Ramamurti as important people who are part of an anti-crypto plan.
The crypto community is paying close attention to Harris’s planned speech, which may give more information about her policy path. But even crypto supporters are still very skeptical, especially after recent moves by regulators and the ongoing discussion about how to regulate cryptocurrencies in the future.
With her choice of advisers and upcoming policy decisions, Harris is likely to change the way cryptocurrencies are regulated, which will have an impact on investor sentiment and the way the industry works in the coming months.
