US Vice President Kamala Harris appears ready to continue the Biden administration’s tough approach to crypto regulation.
Reports suggest Harris is collaborating with former economic advisors Brian Deese and Bharat Ramamurti, both of whom criticized the Payment Stablecoin Clarity Act of 2023 for being too lenient on cryptocurrency issuers.
Deese and Ramamurti are known for their roles in shaping the administration’s regulatory stance, which includes initiatives like Chokepoint 2.0, a framework aimed at reducing risks associated with digital currencies. Galaxy’s research director Alex Thorn suggests that Harris’ selection of these advisors signals that the administration’s aggressive crypto policies will continue.
“New evidence suggests Harris will continue to crack down on crypto,” Thorn said. “Her advisor picks suggest she plans to further Biden’s hostile approach to crypto.”
Deese, who previously wrote a White House blog titled “The Administration’s Roadmap to Mitigate Crypto Risks” on January 27, 2023, has been a leading voice in framing crypto policy through the lens of fraud and risk mitigation. While his blog claims to support innovation, it has been criticized for its restrictive view of the crypto industry.
Ramamurti, who worked under Deese at the National Economic Council, also has a significant background in crypto regulation. His experience includes working closely with Senator Elizabeth Warren, a leading critic of cryptocurrencies. Ramamurti’s roles in Warren’s Senate office and as the economic policy chair of her presidential campaign demonstrate his deep involvement in shaping the anti-crypto narrative.
*This is not investment advice.
