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The bitcoin price has topped $61,000 this week, bouncing back from last week’s huge price crash that sent bitcoin under $50,000, as one legendary trader predicts the bitcoin price could soon soar to $1 million.
Now, after Trump’s sons, Eric and Don Jr., teased a “big” crypto announcement they say is coming soon, the bitcoin and crypto community are braced for a U.S. crypto crackdown if vice president and Democratic Party nominee Kamala Harris wins the White House in November.
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Some think vice president and Democratic Party nominee Kamala Harris could follow in president Joe … [+]
“[Harris’] advisor choice suggests she will keep Biden’s hostile attitude to crypto [and] will continue [the] crypto crackdown,” Alex Thorn, head of research at Galaxy, posted to X alongside details of a Bloomberg report that revealed the Harris campaign “has hired a top Treasury department official, Brian Nelson, as an adviser while also relying on longtime allies, such as former policy chief Rohini Kosoglu.”
Bloomberg reported that “Harris supports raising the corporate tax rate to 28% from 21%,” citing anonymous sources, “fully in line with Biden’s most recent budget proposal, which also calls for taxes on wealthy crypto holders.”
The increased scrutiny on Harris’ plans for bitcoin and crypto comes as Harris holds onto her poll lead over former president Donald Trump, according to bets on the crypto-based Polymarket prediction platform.
Brian Deese, former National Economic Council director, and former deputy director Bharat Ramamurti have also reportedly joined the Harris campaign as advisors.
“Deese and Ramamurti are two key architects of the Biden admin’s anti-crypto crusade, including chokepoint 2.0,” Thorn posted, referring to last year’s attempt by the Biden administration to “quietly” ban bitcoin, ethereum and other cryptocurrencies—a continuation of a 2013 government initiative that sought to cut off undesirable industries from banking services.
Nelson, an attorney and former undersecretary at the Treasury’s Office of Terrorism and Financial Intelligence, was involved with the Treasury’s Financial Crimes Enforcement Network (FinCEN) proposal to treat crypto mixing services as a “primary money laundering concern.”
In January 2023, Deese wrote a White House blog post covering the administration’s plans to “mitigate crypto risks.”
Ramamurti, a former aide to anti-crypto army general and senator Elizabeth Warren, reportedly helped block stablecoin legislation in the summer of 2023.
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The bitcoin price has bounced back this year but has come under pressure this month as Kamala … [+]
“Harris appears to be Warren 2.0,” Castle Island Ventures partner Nic Carter posted, adding that the advisor appointments could mean it’s “over” in the U.S. for bitcoin and crypto.
“[Harris] is hiring the creators of Chokepoint 2.0, the people who started the crypto crackdown,” law professor J.W. Verret posted. “At this point anyone in crypto who supports Kamala is anti-crypto, no other way to put it.”
“Kamala Harris’ campaign is a significant threat to the future of crypto, bitcoin and the freedom to transact in America,” crypto investor Mike Dudas posted.