Vice President Kamala Harris has unveiled a plan to support a cryptocurrency regulatory framework as part of her “Opportunity Agenda for Black Men,” signaling a potential shift in the Democratic approach to digital assets.
What Happened: The proposal, released less than a month before the presidential election, acknowledges the growing importance of cryptocurrencies among Black Americans. According to Harris’ team, over 20% of Black Americans currently own or have previously owned crypto assets.
“Vice President Harris appreciates the ways in which new technologies can broaden access to banking and financial services,” the campaign stated in the plan.
Harris’ proposal aims to ensure that “owners of and investors in digital assets benefit from a regulatory framework so that Black men and others who participate in this market are protected.”
This move aligns with Harris’ broader economic vision, which she outlined in an 80-page plan last month. In that document, she expressed support for innovative technologies like AI and digital assets while emphasizing consumer and investor protection.
It comes as polls between Harris and GOP candidate Donald Trump tighten and 66% of respondents in a CBS survey voice a pessimistic outlook for the country’s direction.
Why It Matters: The proposal has faced criticism from some industry leaders. Cleve Mesidor, founder of the National Policy Network of Women of Color in Blockchain, expressed concern about the narrow focus on Black men and the framing of their role in the crypto space.
“It is perplexing that the Harris-Walz policy team opted not to meet with diverse leaders in crypto, but instead is rolling out a policy that narrowly frames crypto around Black men only and proposes a regulatory framework limiting Black men to consumers instead of producers,” Mesidor told The Block.
As the election approaches, Harris’ stance on crypto regulation could become a key differentiator in the race, especially given Trump’s pledge to end what he calls an “unlawful and un-American crackdown” on the U.S. crypto industry.
Harris’ initiative comes at a crucial time as the 2024 presidential election looms. Her campaign has received significant support from the crypto community, including a $1 million donation in XRP from Ripple co-founder Chris Larsen.
The election, featuring Donald Trump and Kamala Harris, presents a unique scenario for the cryptocurrency market. As Bitcoin remains stable despite the election’s proximity, several analysts are predicting an imminent uptrend regardless of the outcome.
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