Kamala Harris's Potential Advisors Suggest Continuity in Cryptocurrency Policies
In the rapidly evolving world of cryptocurrency, the stance of U.S. Vice President Kamala Harris and her administration has become a topic of interest for crypto holders, users, and businesses alike. Harris's approach to cryptocurrency and blockchain technology is characterised by a desire to maintain U.S. leadership in these emerging technologies while advocating for a regulatory approach that some in the industry may view as stricter.
Harris's support for U.S. dominance in blockchain and other technologies like AI and quantum computing indicates a generally positive view towards the sector's growth and innovation potential. However, analysts predict that a Harris administration may favour more cautious or stricter regulatory policies on cryptocurrency compared to a previous administration.
Brian Deese and Bharat Ramamurti, senior advisors to Vice President Harris, have played significant roles in shaping the Biden administration's crypto policies. Deese, as Director of the National Economic Council, is believed to support balanced regulatory approaches that advance innovation while protecting consumers. This inference is based on his economic advisory role, but explicit statements on crypto regulation are not available.
Ramamurti, as Deputy Director of the National Economic Council, has not made publicly detailed remarks on crypto regulation in the provided context. However, he is known as the White House's top crypto critic, a title given by Fortune magazine. In July 2023, Ramamurti was instrumental in blocking a compromise on stablecoin legislation that would have legalized but heavily regulated stablecoins.
The Biden-Harris administration has supported the advancement of cryptocurrency legislation in Congress, aiming to establish clearer rules for digital assets. This move is likely part of a broader strategy to regulate the crypto sector, a stance that has been criticised by some industry proponents as potentially restrictive.
In January 2023, Deese published a blog titled "The Administration's Roadmap to Mitigating Cryptocurrency's Risks," focusing on fraud prevention and risk mitigation in relation to cryptocurrency. This publication, along with the Federal Reserve's rejection of Custodia Bank's applications for membership and a master account, and the extension of bank restrictions on crypto activities to all members, suggests a hardheaded approach towards cryptocurrency regulation.
Senior advisor David Plouffe's involvement on the advisory council of Coinbase, a major crypto exchange, indicates some openness within Harris's political circle to engage with the cryptocurrency industry and possibly shape thoughtful regulatory frameworks.
In conclusion, Harris and her advisors appear to advocate for responsible cryptocurrency regulation aligned with innovation and U.S. technological leadership, but with an emphasis on regulatory oversight that some industry proponents see as potentially restrictive. The future of cryptocurrency regulation under the Harris administration remains to be seen, but the current indications suggest a cautious and regulatory-focused approach.
The policy-and-legislation stance of Vice President Harris and her administration, as indicated by their approach to cryptocurrency and blockchain technology, is centered around maintaining U.S. leadership while advocating for a regulatory approach that might be viewed as stricter by some in the industry (politics). This regulatory focus is demonstrated in the Biden-Harris administration's efforts to establish clearer rules for digital assets, as well as actions like the Federal Reserve's rejection of Custodia Bank's applications for membership and a master account, and the extension of bank restrictions on crypto activities to all members (general-news).
