Vice President Kamala Harris's outreach to the crypto community is under fire as the Federal Reserve enforces new restrictions on a key bank, raising concerns about her campaign's commitment to digital assets.

Harris's Relations with Crypto Industry

Some are questioning the sincerity of Vice President Kamala Harris's presidential campaign's attempts to repair relations with the cryptocurrency industry in light of the enforcement action taken by the United States Federal Reserve against the crypto-friendly Customers Bank.

Tyler Winklevoss, co-founder of Gemini, shared his thoughts on the Fed's actions on August 9 on X. In his statement, Winklevoss stated:

Cointelegraph reports that a 13-page enforcement action against Customers Bank was filed with the Federal Reserve, which requires the bank to give 30 days' notice before it forms a new banking relationship with a cryptocurrency company.

Fed's Role in Limiting Crypto Access

As Winklevoss pointed out, Customers Bank is among the only US institutions that still accept cryptocurrency, so this enforcement action has far-reaching consequences. He stated that crypto firms' access to banking services is now being controlled by the Federal Reserve, which means that the Fed is basically selecting who can and cannot create a bank account and thereby limits the companies' ability to operate.

He said that the Fed should not have so much control over the financial sector and that decision-making authority should instead rest with individual banks.

Charles Hoskinson, founder of Cardano, responded to Winklevoss's statement by saying the same thing: the present US government is antagonistic toward the cryptocurrency business.

Crypto Community's Concerns About Harris

It is still Hoskinson's firm belief that the administration of President Joe Biden is conspiring against the cryptocurrency business. Voting for Harris, he says, would be bad for the US crypto industry because she would carry on the so-called "war on crypto."

Members of Congress and candidates for Congress from throughout the country urged the Democratic National Committee to take a more liberal position on blockchain and digital assets in a July letter they submitted to Jaime Harrison.

Silvergate Bank, Signature Bank, and Silicon Valley Bank were among the many US banks that served cryptocurrency businesses that went under between March and August of 2023.