Kamala Harris Unveils Crypto Regulatory Framework Targeting Black Male Voters
As the 2024 presidential election looms, Vice President Kamala Harris has introduced a new plan to establish a cryptocurrency regulatory framework. Part of her “Opportunity Agenda for Black Men,” the proposal highlights the growing role of digital assets in the Black community, particularly among men, with the aim of protecting crypto investors.
Crypto Ownership Among Black Americans
Her campaign acknowledges the significance of cryptocurrency within the Black community, revealing that over 20% of Black Americans currently own or have owned digital assets. The plan’s objective is to ensure that crypto investors—particularly Black men—are safeguarded by a regulatory framework, addressing concerns over market volatility and security.
“Vice President Harris appreciates the ways in which new technologies can broaden access to banking and financial services,” her team noted in the plan. This marks a strategic appeal to Black male voters, as Harris seeks to strengthen her economic agenda through innovative solutions like digital currencies.
Also read: Ripple Co-Founder Donates $1M in XRP to Kamala Harris Amid SEC Legal Battle
Regulatory Framework and Economic Vision
This move aligns with Harris’ broader economic vision outlined in an 80-page policy document last month. The plan supports cutting-edge technologies, such as artificial intelligence and blockchain, while prioritizing consumer protection. With the election fast approaching, Harris’ focus on crypto regulation could be a key differentiator between her and GOP opponent Donald Trump.
Mixed Reactions to Harris’ Proposal
While the VP’s outreach toward Black men is a notable shift, not everyone in the crypto space is convinced by the plan’s narrow focus. Cleve Mesidor, founder of the National Policy Network of Women of Color in Blockchain, voiced concerns over the framing of Black men as passive consumers rather than active participants in the creation and development of blockchain technology.
Mesidor remarked, “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.”
Election Implications for Cryptocurrency Regulation
As Harris and Trump battle it out in the final stages of the 2024 presidential race, the topic of cryptocurrency regulation is becoming increasingly prominent. Trump’s recent promise to end what he describes as an “unlawful and un-American crackdown” on the crypto industry contrasts sharply with Harris’ more cautious, regulation-centric approach.
She has also garnered notable support from the crypto community, including a $1 million XRP donation from Ripple co-founder Chris Larsen. This backing could play a role in shaping the narrative around her crypto policy as election day nears.
Harris’ crypto regulatory framework may appeal to some segments of the Black community, but questions remain over its narrow focus. With both candidates vying for support in the digital asset sector, the outcome of the election could have significant ramifications for the future of cryptocurrency in the U.S.