Anthony Scaramucci Quips 'Kamala Means Bitcoin In Every Language,' But Biden-Harris Administration Is No Laughing Matter For Crypto

Former White House Director of Communications Anthony Scaramucci reacted tongue-in-cheek to Vice President Kamala Harris’ supportive comments about digital assets, which would mark a departure from the current administration’s track record.

What Happened: Scaramucci, who will be a headline speaker at Benzinga’s upcoming Future of Digital Assets event on Nov. 19, quipped on his X account that “Kamala means Bitcoin in every language.”

The Democratic presidential nominee had previously promised to encourage “innovative technologies like AI and digital assets” at a fundraiser in Manhattan.

The comment was lauded by Uniswap UNI/USD CEO Hayden Adams but sparked a backlash among the more skeptical digital asset industry leaders.

Alex Thorn, Head of Research at Galaxy Digital, cautioned that the vice president’s comments don’t suggest “any deviation from Biden policy.”

This echoes a sentiment felt by many in the industry, that the current administration has either tacitly or overtly supported more stringent digital asset regulation.

Also Read: Anthony Scaramucci Backs Kamala Harris On Crypto Policy, Says ‘It’s Going In The Right Direction’

Why It Matters: Since taking office, President Joe Biden has consistently backed the Securities and Exchange Commission (SEC). Under the leadership of Chair Gary Gensler, the SEC has pursued enforcement actions against major crypto players like Coinbase COIN, Binance and Kraken, arguing for expansive definitions of securities that could bring much of the crypto industry under its purview.

This regulatory approach culminated in Biden’s veto of a bipartisan resolution to overturn the SEC’s crypto custody guidance.

In his veto message, Biden emphasized the administration “will not support measures that jeopardize the well-being of consumers and investors.” He argued that the resolution “would inappropriately constrain the SEC’s ability to set forth appropriate guardrails and address future issues.”

Critics view these actions as an overreach.

Scott Johnsson of Van Buren Capital said the administration’s policies are “stifling the growth of the cryptocurrency industry.” He pointed to a series of regulatory actions, including the SEC’s new rules incorporating decentralized finance (DeFi) into regulatory frameworks, which he argues were applied without proper adherence to the Administrative Procedures Act.

William Quigley, co-founder of Tether, echoed these concerns, stating, “Biden, I don’t think he’s been an enemy of crypto, but he has let the regulators kind of go unchecked.”

Quigley specifically highlighted the SEC’s aggressive stance under Gensler’s leadership in an interview with Benzinga in June.

Lately, the administration has shown signs of engagement with the industry. Crypto executives met with White House officials for a digital roundtable in August.

Future of Digital Assets speaker Scaramucci described the gathering as “encouraging” but acknowledged that heated exchanges occurred as industry leaders openly voiced their concerns.

The regulatory landscape has become a key issue in the 2024 presidential race. Former President Donald Trump has positioned himself as a crypto ally, promising to reverse what he calls the Biden administration’s “crackdown” on cryptocurrencies. At the Bitcoin 2024 conference in Nashville, Trump pledged, “I will appoint a new SEC chairman who believes America should build the future and not block the future.”

What’s Next: Anthony Scaramucci and other industry experts like Caitlin Long and Jan van Eck will discuss the impact of the incoming administration on digital asset policy at the Future of Digital Assets event on Nov. 19.

Read Next:

• Experts Predict Bitcoin Surge To $65,000 As Crypto Market Remains Steady

This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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