Vice President Kamala Harris is said to be planning on nominating Wally Adeyemo, an opponent of the cryptocurrency industry, for the Treasury Secretary role should she become president.

This possible appointment has raised questions among the crypto enthusiast on how the future of cryptocurrency regulation will be in the United States.

Kamala Harris Consideration of Wally Adeyemo

Wally Adeyemo who is the current Deputy Treasury Secretary has in the past criticized the crypto industry and has said that it is a danger to the national security given the fact that it can be easily misused.

Some of the positions that he has supported are the tough measures to discourage the use of digital assets in criminal activities. As Treasury Secretary, Adeyemo’s position can play a vital role in shaping the future of cryptocurrency regulation within the U. S. and may lead to increased scrutiny of cryptocurrency companies.

Hey @mcuban @Scaramucci @ammori:

Maybe sit this one out publicly and just vote how the ladies tell you to in private.

I didn’t spend 11 years helping build tech that advances civil liberties for the three of you to sell us out to communists for country club points.

Thanks! https://t.co/EDvM4AVNDg

— Ryan Selkis (d/acc) 🇺🇸 (@twobitidiot) August 7, 2024

This action of Kamala Harris sends mixed signals to the public as earlier on there were speculations that her administration would be more favorable to crypto. This has raised the eyebrows of the crypto enthusiasts as they worry that such an appointment may slow down the growth and development of the  industry.

Democratic Strategy to Align with Crypto Industry

Although there is a possibility that the next Treasury Secretary nominated could be against cryptocurrencies, it seems that the Democratic Party is working on rebuilding the relations with the crypto industry. Recently, the party launched the Crypto4Harris Group in an attempt to portray Kamala Harris as a crypto-friendly candidate.

This group aims at providing a refined approach to crypto policies for the Kamala Harris’s campaign. Consequently, this is a tactical correlation with the increasing population of crypto investors and owners in the United States.

The formation of this group, including the planned town hall meetings with major investors like  Cuban and  Scaramucci shows  Democrats are seeking to win over the pro-crypto voters despite concerns over Harris’s potential cabinet picks.

Consequently, this could be an attempt to address regulation and the need to accommodate the crypto sector. However, Ryan Selkis, former CEO of Messari, has expressed disappointment, suggesting they should reconsider their endorsement for Kamala Harris.

Kamala’s Election Prospects

Kamala Harris may be influenced by her position and actions taken concerning the cryptocurrency industry in the upcoming presidential election.

Given the fact that a large number of voters are investors in digital assets her campaign’s stance towards the regulation of crypto may become a decisive issue.

However, the potential appointment of  Adeyemo as Treasury Secretary and the proactive steps by the Crypto4Harris Group reflect an approach at play as Harris navigates the interests of various voter blocs.

Also Read: Kamala Harris Win Odds Rises To 46%, Trump’s Crypto Plans At Risk

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Kelvin Munene Murithi

Kelvin is a distinguished writer specializing in crypto and finance, backed by a Bachelor’s in Actuarial Science. Recognized for incisive analysis and insightful content, he has an adept command of English and excels at thorough research and timely delivery.

Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.