As the 2024 presidential election nears, crypto enthusiasts are keeping a close eye on potential leadership changes—and there’s growing speculation that a Kamala Harris presidency could bring stricter oversight to the digital currency space. Alex Thorn, Head of Research at Galaxy Digital, took to social media platform X to warn that Harris may not only continue but possibly intensify the regulatory efforts that the Biden administration has already undertaken.
Advisers With Anti-Crypto Views
Thorn’s main worry? Harris’ inner circle. The Vice President has reportedly brought on several key figures with a track record of opposing cryptocurrency, including Brian Deese and Bharat Ramamurti. These two were central to shaping the Biden administration’s approach to crypto, which many in the industry have found restrictive.
NEW EVIDENCE THAT @KamalaHarris WILL CONTINUE CRYPTO CRACKDOWN
her advisor choices suggest she will keep biden’s hostile attitude to crypto
harris is working w/ brian deese & bharat ramamurti, 2 key anti-crypto officials from biden admin..
thread 🧵 pic.twitter.com/1cMX4UtXXY
— Alex Thorn (@intangiblecoins) August 13, 2024
Earlier this year, Deese authored a blog post outlining the administration’s concerns about the risks posed by cryptocurrency. On the same day, the Federal Reserve made a controversial decision to deny Custodia Bank’s application for a master account—an event many in the industry saw as a calculated move to tighten the screws on crypto.
Additionally, Bharat Ramamurti has been a vocal critic of digital assets, working closely with other lawmakers like Senator Elizabeth Warren to scrutinize the industry.
Potential Impacts of a Harris Administration
If Kamala Harris is to become president, her administration could see Tim Walz as Vice President, further fueling worries that crypto regulation might not become any more favorable. Harris’ support for a corporate tax hike and policies targeting wealthy crypto holders also mirror current administration thinking, adding to concerns about a unified push to regulate digital currencies more strictly.
Experts like Thorn have called for a shift in Harris’ economic advisory team, recommending voices like Ro Khanna, Ritchie Torres, and Kirsten Gillibrand, who have shown more openness to blockchain technology.
Thorn sums up his concerns, saying that if figures like Brian Deese and Bharat Ramamurti are at the helm of economic policy in a potential Harris/Walz administration, the crypto community should prepare for continued, or even intensified, regulatory pressure.
