Kamala Harris might continue crackdowns on Bitcoin and the cryptospace

[bbc.reporter]

My only wish is this speculation on more crackdowns under Kamala Harris' administration will not be true. However, is it certain that bitcoin and the other cryptocoins will not pump if Harris is victorious on November? Arthur Hayes certainly speculates that it will not matter if a Republican or Democrat will win. He predicts that bitcoin and the cryptospace will certainly pump under Trump or Harris hehehehe.

The storyline is different, however. The people in social media are beginning to call Harris a communist hehehe.



Kamala Harris, the vice president of the United States, aims to maintain the Biden administration’s stringent stance on cryptocurrency regulation.

Harris is reportedly working with Brian Deese and Bharat Ramamurti, two former economic advisers of the Biden administration who have heavily opposed the previous Clarity for Payment Stablecoins Act of 2023 for being too permissive for issuers.

Were Deese and Ramamurti part of “Operation Chokepoint 2.0?”

In March 2023, the US banking system took a hit following the sudden collapse of Silicon Valley Bank and the voluntary liquidation of Silvergate Bank. Signature Bank was also forced to close operations by New York regulators on March 12, two days after Silvergate Bank’s liquidation.


The sudden collapse of the three crypto-friendly US banks was called “Operation Chokepoint 2.0” by crypto venture capitalist Nic Carter, who saw it as a “coordinated effort” to unbank the crypto industry.

In a concerning sign for future crypto regulation, Deese and Ramamurti were allegedly part of the operation, according to Galaxy’s Thorn

Popular American business magazine Fortune has previously referred to Ramamurti as the “White House’s top crypto critic,” who served as a National Economic Council Deputy Director in the White House until October 2023.

This is another reason why Harris’ choice of economic advisers spells a tougher stance for the crypto industry, added Thorn

Read in full https://cointelegraph.com/news/kamala-harris-may-continue-the-biden-administration-s-crypto-crackdown

[Oshosondy]

Trump would be better. If United States has bitcoin as one of their reserves, many countries will follow what US did and also have bitcoin in reserves. Even if Kamala Harris is not having many policies against bitcoin, I am sure she does not have a good plan for crypto generally.

[legiteum]

WHAT A BUNCH OF PARTISAN BS

Look, I get it, bbc.reporter wants abortion to be illegal in the USA which is why he desperately wants Trump to be elected. It has nothing to do with Bitcoin.

If this wasn't a partisan attack by Republicans, then the fact that Bitcoin went up 500% under president Biden would make it clear to anybody that  Bitcoin and the crypto markets will be perfectly fine if she's elected--which looks pretty likely now, since Trump has obviously gone completely senile, talking about "nuclear warming" with Elon Musk and rambling incoherently at his poorly-attended rallies.

Trump promises:

1. To deport 5% of the US workforce, which will be the largest mass-deportation executed by any country in history, and something that will send the US economy into ruin.

2. To make abortion illegal across the USA, requiring the biggest police state in US history, and the biggest expansion since the Prohibition in the 1920s, which is how the FBI got started--and cryptocurrencies and massive new police states don't tend to mix well with each other.

3. To eliminate trade with China by imposing ridiculous tariffs on all Chinese goods, disrupting the US economy and making it so things like all of the parts for US computers are impossible to get here, or impossibly expensive.

4. To get into the crypto business himself, meaning that if you are in this business, you will now have to compete directly with the President of the United States, his family, and his party who controls Congress. Good luck with that.

Trump promises massive disruption of the US economy and life if he wins.

Meanwhile, Harris promises more of the same environment where:

1. Bitcoin went up 500% under president Biden.

2. ETFs for Bitcoin and Ether were approved.

3. The US remained the leader in Bitcoin mining.

4. Criminals like SBF were imprisoned, stabilizing the market--whereas Trump pardons criminals who send him money as he did in his presidency.

No rational person wanting the best for the crypto market and for Bitcoin's price to remain stable and grow would want Trump to be president.

[hd49728]

The storyline is different, however. The people in social media are beginning to call Harris a communist hehehe.

She deserves it.

The bull shit from Kamala Harris and Democrat Party is they open the USA. border for illegal immigrants to come in, have free access to health care system and have rights to vote. Remember that they are illegal immigrants, not legal ones.

On the opposite, Kamala Harris and Democrat Party built walls of barriers as preparation for their DNC in coming days. They did not mind about border and security of the whole nation but do care a lot about DNC, their own party and benefit.

I like Elon Musk by his brave and tough decision to close the office of X in Brazil because he didn't want X to agree with request from Brazilian government to censor news on X in Brazil. X is different than Facebook that accept to do censorship to protect their business income.

The decision to close the 𝕏 office in Brazil was difficult, but, if we had agreed to @alexandre’s (illegal) secret censorship and private information handover demands, there was no way we could explain our actions without being ashamed.

[legiteum]

The bull shit from Kamala Harris and Democrat Party is they open the USA. border for illegal immigrants to come in [...]

The US Congress had accepted a bi-partisan deal on improving border security. It was supported by both parties, and it would have been the toughest border control bill passed by Congress in decades.

Then Trump ordered Republicans to kill the deal, because Trump does not want to fix the US border, he wants chaos because he thinks it will get him elected if its a huge mess there.

[...] have free access to health care system and have rights to vote. Remember that they are illegal immigrants, not legal ones.

Immigrants to the US (legal or illegal) do not have "free access to the health care system". Immigrants cannot vote.

This is a bunch of lies told to you by Trump and his party. They tell you these lies because they want abortion to be illegal in the USA, so they will literally side with any candidate, no matter how stupid, no matter how criminal, and no matter how senile as Trump clearly is. They don't care what happens to the USA because they are religiously devoted to the idea that abortion must be illegal.

[bitterguy28]

Kamala Harris, the vice president of the United States, aims to maintain the Biden administration’s stringent stance on cryptocurrency regulation.

There is nothing to worry about Kamala Harris cracking down Bitcoin and cryptocurrencies because Trump will win the election and will support our market here.

[FinneysTrueVision]

The people in social media are beginning to call Harris a communist hehehe.

That’s the same braindead argument Republicans tried to use against Obama and Joe Biden. If the Democratic Party was communist they wouldn’t keep trying to replace Hugo Chavez and Nicolas Maduro with right wing puppets of the US empire. They wouldn’t have bombed Libya back into the stone age.

In American political discourse, whenever someone doesn't have a convincing argument they resort to name calling. If you disagree with someone’s politics just accuse them of communism, racism, going woke, misogyny, antisemitism, fascism, etc. These lazy attempts to portray Harris as a communist might work on people with the intelligence of fifth graders, but it makes the Trump campaign look desperate.

[adaseb]

Yeah you are correct. If Kamala is president most likely Gary Gensler will still be at the SEC and his tune definately wont change towards crypto. It will become more strict and regulated than it is now. Trump seems more lax about it. Even if his "Strathegic Bitcoin Reserve" never actually pane out and launch, bitcoin and crypto will at least face less regulation.

The most important will be the removal of Gary Gensler. Hopefully Trump will hire someone who will be crypto friendly. This will never happen under the current Biden administration or the Harris administration next year. Hence our only hope is that Trump wins and it will spure more growth of crypto in the USA.

[Zlantann]

In March 2023, the US banking system took a hit following the sudden collapse of Silicon Valley Bank and the voluntary liquidation of Silvergate Bank. Signature Bank was also forced to close operations by New York regulators on March 12, two days after Silvergate Bank’s liquidation.


The sudden collapse of the three crypto-friendly US banks was called “Operation Chokepoint 2.0” by crypto venture capitalist Nic Carter, who saw it as a “coordinated effort” to unbank the crypto industry.

In a concerning sign for future crypto regulation, Deese and Ramamurti were allegedly part of the operation, according to Galaxy’s Thorn

Popular American business magazine Fortune has previously referred to Ramamurti as the “White House’s top crypto critic,” who served as a National Economic Council Deputy Director in the White House until October 2023.

This is another reason why Harris’ choice of economic advisers spells a tougher stance for the crypto industry, added Thorn[/i]

Read in full https://cointelegraph.com/news/kamala-harris-may-continue-the-biden-administration-s-crypto-crackdown

It would be wrong to blame the Biden administration for the fall of the three crypto-friendly banks. If you read about the reason for the failure of these banks, you will unravel a high level of mismanagement and failure to adopt risk management practices. We can blame the Biden government for not giving them a financial bailout, but the government doesn't need to offer assistance to all failing banks. Everyone in the crypto industry usually sees Gary Gensler as the number one anti-crypto government official, but during his time, several ETFs have been approved.

Most of us see Donald Trump as the soon-coming messiah, but a few years ago, he was anti-crypto. This means people can easily change their stance about a concept. Brian Deese and Bharat Ramamurti might have suddenly become crypto-friendly like Trump. Some of the political news flying on the internet is propaganda that is targeted at crediting or discrediting a candidate. I don't trust politicians and we shouldn't expect much from them.

[davis196]

The sudden collapse of the three crypto-friendly US banks was called “Operation Chokepoint 2.0” by crypto venture capitalist Nic Carter, who saw it as a “coordinated effort” to unbank the crypto industry.

The crypto industry is supposed to be "unbanked" since Day 1, but the sad truth is that most people can't buy crypto without a bank account.
The crypto industry has been promoted as "anti-bank" for years, but it still relies on the banking system. This should change in the future.
It's funny that this "collapse of the three crypto-friendly US bank" didn't cause any damage to the US crypto industry and it didn't stop crypto adoption in the USA. Maybe this "Operation Chokepoint 2.0" thing is just a conspiracy theory.
Kamala Harris becoming a US president would be bad not only for the crypto industry, but for any other industry in the USA.

[KiaKia]

The storyline is different, however. The people in social media are beginning to call Harris a communist hehehe.

She deserves it.

The bull shit from Kamala Harris and Democrat Party is they open the USA. border for illegal immigrants to come in, have free access to health care system and have rights to vote. Remember that they are illegal immigrants, not legal ones.

On the opposite, Kamala Harris and Democrat Party built walls of barriers as preparation for their DNC in coming days. They did not mind about border and security of the whole nation but do care a lot about DNC, their own party and benefit.

I like Elon Musk by his brave and tough decision to close the office of X in Brazil because he didn't want X to agree with request from Brazilian government to censor news on X in Brazil. X is different than Facebook that accept to do censorship to protect their business income.

The decision to close the 𝕏 office in Brazil was difficult, but, if we had agreed to @alexandre’s (illegal) secret censorship and private information handover demands, there was no way we could explain our actions without being ashamed.

I am guessing you are from the united states? I bet every US citizens won't want this too, and its for the safety of the country, it is obvious that kamala isn't american, making this possible will open door for her people in other countries, this woman will turn America into Walled City of Hong Kong if care isn't taken, it will be a shame if any american voted for this woman as the next president of the united states.

With the support of Trump or not Bitcoin will triumph over every hardship, Biden tried his best, Elizabeth warren is another big hater too, they failed to stop Bitcoin too, all these political drama can even be lies, maybe a way to secure the sit since many people in the country are into crypto investment, but in the end I will still vote for Trump even while history has it that he was once against crypto, he just seem to be the better man for the job.

[Haunebu]

What a load of crap. Trump supporters in this thread are looking pathetic as usual trying to support him by painting the opposition in a negative manner. Both Biden and Trump were always bad choices for the President role.

On the other hand, Harris is a slightly better choice than either of them. You people need to stop using BTC and crypto as weapons for politics since whoever ends up getting elected as the new president won't support the crypto world.

[fuguebtc]

Whoever becomes US president will not stop the growth of bitcoin, Bitcoin has been in existence since 2009 until now and that means it has gone through 4 different US presidents. But if anti-bitcoin, unfriendly crypto-people like Biden or Gary continue to hold power, our development will slow down. Meanwhile, if we get the support of people who have a more open view of bitcoin and cryptocurrency, it will help us grow a little faster. So it will depend on what people want and decide who to vote for.

I'm not talking about other issues like military, inflation, climate...we're just talking about crypto and it seems so far no one in the democratic party is crypto friendly.

[bbc.reporter]

I am not quite certain if this is true, however, there are some articles mentioning that if Kamala Harris is victorious on November, it appears that she will hire uncle Gary as her secretary for the department of treasury. This might not be good for the cryptospace in America, I reckon.

There is also mention of grandma Warren who has been promoting her anticrypto army.



While publicly, Securities and Exchange Commission (SEC) chairman Gary Gensler hasn’t expressed desire to leave his current role, multiple senior Senate staffers are telling the Washington Reporter that if Vice President Kamala Harris wins in November, she plans to nominate Gensler as her Treasury Secretary. Those rumors corroborate what top Republicans have also told the Reporter on the record.

In an interview with the Reporter, Rep. Tom Emmer (R., Minn.) previously warned that Harris may pick Gensler — or Sen. Elizabeth Warren (D., Mass.) — to serve as her Treasury Secretary. Such a move, he cautioned, would be a disaster for the economy.

Source https://washingtonreporter.news/editorial/scoop-kamala-harris-likely-to-nominate-gary-gensler-as-treasury-secretary-if-elected-senate-sources/

[EluguHcman]

My only wish is this speculation on more crackdowns under Kamala Harris' administration will not be true. However, is it certain that bitcoin and the other cryptocoins will not pump if Harris is victorious on November? Arthur Hayes certainly speculates that it will not matter if a Republican or Democrat will win. He predicts that bitcoin and the cryptospace will certainly pump under Trump or Harris hehehehe.

This does not really seem a pretty ideal for me if we think Trump is the only way to achieve greater values on Bitcoin.
There had been speculations that Trump was once against Bitcoin and then embarks to swing on the opposite side lately.

Obviously Biden has not made good stance for the Bitcoin  communities and at a point of political dependence in need of the public voices and supports for his reelection, I believe he must have figured out how errors was being late for him to fix up believing that Bitcoin has gained a largely global dominance of enthusiasts, one community with same goals which Trump has adopted unrelenting for his campaigns with the promises to create more conveniences for the Bitcoin communities including to maximize the valuability of Bitcoin.

We never can tell that if Harris assume office, she might do better for Bitcoin to secure supports for her second tenure by acknowledging the possessions of the Bitcoin communities.

So it could be hard for she to be open minded to this as part of her agendas since Trump has already adopted it a strong tool for himself While on campaigns.
We also need to understand that Trump did not own or control Bitcoin and so also, Harris can not diminish the quality of Bitcoin as these are mere media speculations with political interpersonal interests.

[legiteum]

There is also mention of grandma Warren who has been promoting her anticrypto army.

Bitcoin army? You mean the army that has helped Bitcoin become what it is today?

Bitcoin went up 444,344% while Elizabeth Warren has been a Senator.

Maybe, just maybe, obsessing on US politics here is... pretty pointless? Maybe Bitcoin is going to be just fine, like it has been, if Warren and Harris are in their respective offices in 2025?

Maybe the Bitcoin community begging for government help like some are hoping Trump does for them goes contrary to everything Bitcoin ever stood for?

Maybe the strong consumer protections against fraud that Warren and others have fostered actually help Bitcoin go up in price because it allows consumers to buy Bitcoin without fear of being ripped off?

Folks, lots of people in the US have strong opinions about politics for lots of reasons. Republican voters want Trump to win because they truly feel abortion is murder, and thus they will literally vote for Adolf Hitler if it means it could be made illegal here.

But it has nothing to do with Bitcoin. What you are reading here is just... partisans being partisan, and nothing else.

[Poker Player]

What is clear is that the Biden-Harris pairing has not been very friendly to Bitcoin while they were in charge. I don't know if this could change now due to electoral interests. But ideologically to someone who believes that the best thing for society is more taxes, more regulations and more state control, what suits them are the CBDCs, which is what they have been pushing.

[Ale88]

It's always hard for me to understand why the Democratic Party has been and is so against cryptocurrencies when it's pretty clear that, whether they like it or not, they are here to stay, it's not some stupid game. I don't like any of the two candidates for very different reasons but at least Trump is smart enough to understand the power of cryptocurrencies.

[mindrust]

It's always hard for me to understand why the Democratic Party has been and is so against cryptocurrencies when it's pretty clear that, whether they like it or not, they are here to stay, it's not some stupid game. I don't like any of the two candidates for very different reasons but at least Trump is smart enough to understand the power of cryptocurrencies.

Why is that? They are anti-freedom communists. It is not really that hard to understand it. They don’t like capitalism, they don’t like the right to own a property, they don’t like any of these. All they like is free stuff and free stuff don’t grow on trees. Somebody has to work to manufacture it and that’s where you understand what it is all about: Theft.

[legiteum]

Why is that? They are anti-freedom communists. It is not really that hard to understand it. They don’t like capitalism, they don’t like the right to own a property, they don’t like any of these. All they like is free stuff and free stuff don’t grow on trees. Somebody has to work to manufacture it and that’s where you understand what it is all about: Theft.

Yeah, "communists" approved the Bitcoin and Ether ETFs.

Get real, man...