There are growing doubts about Vice President Kamala Harris’ presidential campaign and its efforts to improve the Democratic Party’s relationship with the crypto industry.
This comes after the US Federal Reserve issued a 13-page directive to Customers Bank, requiring the bank to give 30 days’ notice before forming new relationships with crypto firms.
Tyler Winklevoss, co-founder of Gemini, commented about the situation in an August 9 X post, stating, “Today, the Fed confirmed that Operation Choke Point 2.0 remains in full swing, provided valuable insight into how it works, and verified that the Harris crypto ‘reset’ is a scam.”
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Winklevoss pointed out that Customers Bank is one of the few banks left in the US that are friendly towards crypto and added that the Federal Reserve is limiting which crypto companies can access banking services, impacting their operations.
He further criticized the centralization of decision-making power within the Federal Reserve. According to Winklevoss, decisions about providing banking services to crypto companies should be decentralized, allowing individual banks to make their own choices.
Charles Hoskinson, the founder of Cardano, supported Winklevoss’ views, stating that the Biden administration is opposed to the crypto industry, and this attitude is likely to continue if Harris is elected.
Under the Biden administration, in 2023, several crypto-friendly banks, including Signature Bank, Silicon Valley Bank, and Silvergate Bank, had to shut down due to the regulatory developments at the time.
Thus, the recent Federal Reserve’s enforcement actions not only highlight the ongoing tensions between the government and crypto but also fuel skepticism about the Harris campaign’s intentions toward this industry.
Gode is a Web3 Market Analyst who researches the most important industry events and interprets how they affect the wider Web3 space. Her formal education in media culture & digital rhetoric allows her to employ a methodical approach to evaluating critical Web3 news data, including large-scale events and the wider social sentiment within the ecosystem.
Gode is a mutilingual professional, having studied in multiple universities all across Europe. This allows her to have a one-of-a-kind opportunity to analyze Web3 social sentiments spanning different cultures and languages and, in turn, develop a much deeper understanding of how the Web3 space is growing within different communities. With the rest of her team, Gode works to identify crucial crypto news patterns and provide unbiased and data-driven information.
Gode’s passions include working and communicating with people, and when she’s not researching Web3 news, she spends her time traveling and watching true crime documentaries.
