- Kamala Harris has selected Brian Deese and Bharat Ramamurti, both known for their critical views on cryptocurrencies, as her economic policy advisors.
- These appointments raise concerns within the crypto community about a potentially stringent regulatory approach that could align with the Biden administration’s policies.
In a strategic move that may redefine the future landscape of cryptocurrency regulation in the United States, Democratic presidential candidate Kamala Harris has confirmed the appointment of Brian Deese and Bharat Ramamurti as her chief economic advisors. This decision introduces a notable shift in the tone of economic discourse surrounding digital currencies, given both advisors’ previous critical stances on the matter.
Brian Deese, a key figure in the previous administration, had chaired the National Economic Council where he was instrumental in advocating for increased regulatory oversight of the cryptocurrency industry. Under his guidance, the White House had issued a roadmap in 2023 aimed at mitigating risks associated with cryptocurrencies. This roadmap advocated for enhanced enforcement measures and expanded regulatory powers to combat fraud and reduce systemic risks, effectively tightening the noose on fraudulent crypto activities and ensuring a more regulated market environment.
Bharat Ramamurti, Deese’s deputy at the National Economic Council and a former economic policy aide to Senator Elizabeth Warren, has also expressed skepticism towards cryptocurrencies. Warren herself has been a vocal critic of digital assets, once describing cryptocurrency as a “third-rate alternative asset.” The stance taken by Ramamurti during his tenure mirrored these sentiments, highlighting a consistent approach towards scrutinizing and potentially restraining the unchecked proliferation of cryptocurrencies.
The appointments of Deese and Ramamurti suggest a continuation, if not an intensification, of the cautious policies enacted under the Biden administration. This perspective was echoed by Alex Thorne, head of research at cryptocurrency services firm Galaxy, who noted that Deese had previously led initiatives to maintain a distance between the cryptocurrency industry and the mainstream U.S. banking system. This approach was notably visible in the aftermath of the collapse of several crypto-friendly banks, including Silicon Valley Bank and Signature Bank, which some industry insiders viewed as a targeted effort to limit the integration of crypto businesses into the broader financial ecosystem.
As the crypto community braces for these changes, the broader implications of these appointments are becoming a point of significant discussion among stakeholders. The potential for stringent regulations could shape the operational landscape of crypto businesses, possibly imposing more rigorous compliance requirements akin to traditional financial services.