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Bitcoin’s price has skyrocketed to $61,000 this week, bouncing back from last week’s huge crash that sent it under $50,000. Some experts predict it could soar to $1 million soon. Meanwhile, after Trump’s sons hinted at a “big” crypto announcement, the crypto community is bracing for a potential US crypto crackdown if Kamala Harris wins the White House in November.
Kamala Harris’ advisor choices suggest she will maintain Biden’s hostile stance towards crypto and continue the crackdown. According to Bloomberg, Harris has hired top Treasury department official Brian Nelson as an adviser, alongside longtime allies Rohini Kosoglu and former policy chief Alex Thorn.
The increased scrutiny on Harris’ plans for bitcoin and crypto comes as she maintains her poll lead over Donald Trump, according to Polymarket prediction platform bets. Her campaign also includes advisors Brian Deese and Bharat Ramamurti, key architects of the Biden administration’s anti-crypto crusade, including last year’s attempt to “quietly” ban bitcoin, ethereum, and other cryptocurrencies.
Nelson, an attorney, was involved in the Treasury’s Financial Crimes Enforcement Network (FinCEN) proposal to treat crypto mixing services as a primary money laundering concern. Deese wrote a White House blog post covering plans to mitigate crypto risks, while Ramamurti reportedly helped block stablecoin legislation.
Some experts believe that Harris’ advisor appointments signal the end of bitcoin and crypto in the US. “Harris appears to be Warren 2.0,” Castle Island Ventures partner Nic Carter posted, adding that the advisor appointments could mean it’s over for bitcoin and crypto. Law professor J.W. Verret stated, “At this point anyone in crypto who supports Kamala is anti-crypto, no other way to put it.” Crypto investor Mike Dudas warned, “Kamala Harris’ campaign is a significant threat to the future of crypto, bitcoin, and the freedom to transact in America.”
Source: https://www.forbes.com/sites/digital-assets/2024/08/14/leak-sparks-serious-us-crypto-crackdown-fears-as-the-bitcoin-price-bounces-back/