Kamala Harris, the United States Vice President, is expected to maintain the Biden administration’s tough stance on cryptocurrency regulation if she continues her political career into the 2024 presidential race. Reports suggest that Harris is working closely with Brian Deese and Bharat Ramamurti. They are former economic advisers from the Biden administration known for their opposition to crypto-friendly legislation.
Specifically, Deese and Ramamurti have been members of the White House team that advised President Joe Biden on cryptocurrency regulation and recommended more stringent measures than the industry wanted. For instance, Deese, who served as the head of the National Economic Council, was involved in ‘’Chokepoint 2.0’’, which was a strategy to reduce the role of financial institutions in the cryptocurrency sector.
Ramamurti’s Role Signals Continued Tough Crypto Stance
Ramamurti, who was the Deputy Director of the National Economic Council until October 2023, has been acknowledged as an influential opponent of cryptocurrencies. He was also heavily involved in the fight against the Clarity for Payment Stablecoins Act of 2023, believing it would give stablecoin issuers far too much latitude. It is perceived that his appointment to Harris’s advisory team means the continuity of the current administration’s regulation-friendly policy.
They also noted that the advisers selected by Harris are the pointers tantamount to her possible policies, and Alex Thorn, the head of research at Galaxy, agreed with this statement. Thorn also commented on this by saying, “People are policy at the end of the day,” meaning that with Deese and Ramamurti on her side, it is highly unlikely that Harris will change her mind on cryptocurrencies.
While it is possible to note that Kamala Harris has decided to work with key advisers from the Biden administration, including Brian Deese and Bharat Ramamurti, it means that she will likely maintain the administration’s strict approach to cryptocurrency regulation.
Lastly, taking into consideration that both Harris and President Joe Biden have long histories of supporting even stricter measures against crypto, it becomes clear that the potential future policies of the Harris administration will not differ from the current rather cautious approach. Given how Harris is a rising star in the Democratic Party and with the 2024 presidential race already looking likely, the crypto industry should prepare for difficult regulatory conditions to maintain scrutiny.
