- Charles Hoskinson thinks that supporting Kamala Harris could be harmful to the US cryptocurrency market.
- The market is highly concerned about the Federal Reserve's actions on cryptocurrency banking.
- The cryptocurrency space is worried that unfair policies may result from a Harris presidency.
The founder of Cardano, Charles Hoskinson, has recently expressed concerns about the US cryptocurrency industry. He went on to say that the market would be destroyed if there was support for presidential candidate Kamala Harris in the near elections. He expressed concerns about his resentment of the Biden-Harris administration aimed at cryptocurrencies and the lack of any signs that it would change its position.
The Federal Reserve's Measures for Cryptocurrency Banking
The Federal Reserve launched an enforcement action against Customers Bank, requiring the bank to give thirty days' notice before making any new financial agreements with cryptocurrency businesses. Customers Bank is one of the few US banks that continues to offer cryptocurrencies, thus the industry is concerned about this action.
The co-founder of Gemini, Tyler Winklevoss, made the observation that the Federal Reserve now decides which cryptocurrency businesses are allowed to use banking services. This restriction may limit the capacity of many businesses to function in the industry.
Concerns Over Harris’s Potential Presidency
Hoskinson shares Winklevoss’s concerns about the impact a Harris presidency could have on the crypto industry. He believes that Harris would continue what he sees as a “war on crypto” and that this would harm the industry in the U.S.
Winklevoss suggested that the Federal Reserve’s recent enforcement action might be a sign of more severe measures to come. He speculated that even if Customers Bank gets approval to work with crypto companies, it is uncertain whether the Federal Reserve will be transparent about these approvals. This uncertainty has led to fears that the number of crypto companies able to secure banking relationships could drop significantly under Harris.
The key question is: What will happen to the U.S. crypto industry if Harris becomes president?
Democratic Party’s Initiative on Crypto
The Democratic Party has started a movement called "Crypto for Harris" to gain support from cryptocurrency enthusiasts for Kamala Harris's campaign. Reports also say that as the 2024 election gets closer, Harris's team is working to build stronger relationships with cryptocurrency companies.
Crypto leaders like Hoskinson and Winklevoss are still worried about how the election might affect the rules and regulations for the industry. The relationship between the U.S. government and the crypto world remains a major concern.
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