Kamala Harris Crypto Policy Uncertain After Fed Action
- Federal Reserve’s action against United Texas Bank highlights ongoing scrutiny of cryptocurrency, fueling concerns about current U.S. policies.
- Kamala Harris Crypto Policy amid recent enforcement actions raises doubts about potential changes in her policy stance if elected.
- The Federal Reserve's crackdown adds to worries that Harris might continue existing policies, contrasting with the GOP’s more crypto-friendly approach.
Kamala Harris Crypto Policy faces Uncertainty After Federal Action
Recent enforcement by the Federal Reserve against United Texas Bank has sparked debate over whether policies like Operation Choke Point are still in play under the Biden administration. This move also raises questions about potential shifts in U.S. cryptocurrency policy if Vice President Kamala Harris were to win the presidential election.
The Federal Reserve issued a cease and desist order to United Texas Bank, citing significant deficiencies in managing risks related to foreign correspondent banking and virtual currency customers. The bank was found non-compliant with the Bank Secrecy Act and was instructed to implement a comprehensive plan to address staffing, customer identity verification, and wealth source validation.
Kamala Harris Crypto policy: Operation Choke Point 2.0?
Dan Spuller from the Blockchain Association highlighted that this enforcement action seems to be part of “Choke Point 2.0,” a set of government efforts aimed at curbing cryptocurrency-related businesses. This term references the original Operation Choke Point, in which the U.S. government pressured banks to avoid servicing certain legally operating businesses. Recent examples include the White House discouraging banks from holding cryptocurrency and the Treasury proposing a hefty tax on cryptocurrency mining.
Kamala Harris Crypto policy: Impact on Campaign
The enforcement action also casts doubt on whether Kamala Harris, if elected, would bring about changes in cryptocurrency policy. While some Democrats have been hopeful for a more positive approach, Harris has not made any clear statements on the issue. Despite fundraising efforts to promote reform, her silence on the campaign trail leaves little room for optimism.
Kamala Harris Crypto Policy: A Stark Contrast with Republican Policy
In contrast, the Republican Party’s 2024 platform promises a more favorable stance towards cryptocurrency. It pledges to end the regulatory crackdown on the industry, protect Bitcoin mining, and safeguard financial privacy. As Democrats remain quiet on the matter, the cryptocurrency debate seems largely one-sided.
Kamala Harris Crypto policy: Uncertainty in future
With the Federal Reserve's latest actions and Harris’ lack of engagement with cryptocurrency issues, it appears unlikely that a Harris administration would stray far from current policies. The cryptocurrency community may have to wait longer for any significant shift in U.S. policy.
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