1. Kamala Harris continues Biden’s crypto policy
2. Deese and Ramamurti’s role in ‘Operation Chokepoint 2.0’
3. Future of cryptocurrency regulation

Kamala Harris, the Vice President of the United States, continues the Biden administration’s line of strict cryptocurrency regulation. She collaborates with former economic advisors Brian Deese and Bharat Ramamurti, known for their tough stance on the crypto industry.

Kamala Harris continues Biden’s crypto policy

Kamala Harris has expressed her intention to uphold stringent crypto regulations, continuing the path set by President Joe Biden’s administration. By working with former advisors Brian Deese and Bharat Ramamurti, she signals that her approach to cryptocurrencies will not be more lenient. According to Alex Thorn, head of research at Galaxy, “Harris’ advisor choice suggests she will keep Biden’s hostile attitude to crypto.”

Deese and Ramamurti’s role in ‘Operation Chokepoint 2.0’

In March 2023, the US banking system faced a crisis due to the sudden collapse of Silicon Valley Bank and the voluntary liquidation of Silvergate Bank. Shortly before these events, New York regulators closed Signature Bank. This crisis was called “Operation Chokepoint 2.0” because prominent venture capitalist Nic Carter viewed it as a coordinated effort to unbank the crypto industry. Deese and Ramamurti were allegedly key figures in this operation, raising concerns about future crypto regulations.

Future of cryptocurrency regulation

Fortune magazine referred to Bharat Ramamurti as the “White House’s top crypto critic,” who will continue advising Harris on economic matters until October 2023. Together with the involvement of other strict regulators, such as Deputy Treasury Secretary Wally Adeyamo, this indicates that the Harris administration is unlikely to soften its stance on cryptocurrencies. Alex Thorn summarized, "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."

Just a week ago, Harris revealed Minnesota Governor Tim Walz as her vice-presidential running mate for the 2024 presidential election. This is another step in shaping an economic policy that will adopt a stricter approach to cryptocurrency regulation. This may signal further challenges for investors and market participants.