Kamala Harris' crypto regulation plan draws criticism, but also optimism

Aiming to expand support among black male voters, Democratic presidential candidate Kamala Harris' campaign this week announced supportive policies that include a pledge to regulate cryptocurrencies to protect black men investing in digital assets.

It was the current vice president's most specific statement yet, but Trump's campaign has been shut down since Joe Biden took office in July, and his Republican rival Donald Trump The focus on cryptocurrencies is much less than that of the previous president.

Harris' campaign's moves this week drew mixed reactions. Some crypto investors and industry insiders praised Harris' sharper language on crypto regulation, while others criticized the framework for being particularly relevant to black men.

“The deadline has passed. Many have been waiting for Kamala Harris to announce support for the crypto community and investors,” said Dr. Ali Emdad, director of the Center for Blockchain and Financial Technology Research at Morgan State University. spoke. decryption.

“Cryptocurrency is more accepted as research shows that more than a quarter of black Americans own cryptocurrencies, compared to about 15% of whites,” Dr. Emdad continued. . –But, regardless of that, it was necessary for the announcement. ”

Regulatory clarity fosters innovation and helps Black communities lead in emerging technologies, Dr. Emdad said. However, he added that it is important that community leaders actively participate in policy development to ensure that policies meet their specific needs.

He added: “While some will be skeptical due to historical mistrust of the financial system, others will welcome this as a step towards broader economic empowerment.” “As with any big proposal, there will be skepticism, open support and demands for more thorough action.”

But not everyone is convinced. Some crypto industry insiders view the timing of Harris' announcement as purely politically motivated, especially after initial buzz around her campaign subsided ahead of Election Day. .

Ann ABC/ An Ipsos poll of likely voters on Wednesday found that Harris had a 51% chance of winning, while Trump had a 48% chance of winning, a tighter margin than previously. Meanwhile, crypto bettors at Polymarket currently believe Trump has a 60% chance of winning, while Harris has about a 40% chance of winning.

“I would have believed her two years ago, not in an election year,” said Tony Bravado, co-founder and chief marketing officer of NFTCLT. decryption.

“When I hear phrases like ‘supporting black men,’ it seems like pandering. Are they really focused on the black community as a whole, or are there specific “Are you just trying to get a group of black men on your side?” he continued. To me, that feels a little surreal. ”

Bravado and his partner, Shanna Douglas, travel around the country hosting events at schools and universities such as historically black colleges and universities, such as Morgan State University (MSU) and the University of Southern California (USC). Their events aim to educate Black Americans about blockchain, cryptocurrencies, and other technologies.

Mr. Bravado and other critics have derided Ms. Harris' statements on crypto as hopeless and pandering, adding that singling out a black man is an added threat to a group already struggling to access funding and economic opportunity. He expressed concern that it would impose an unnecessary burden.

“We don't have enough support right now, but I feel like there's more pressure on us now,” he said. “There are a lot of young people, women, and other minorities who are trying to make a breakthrough as well, and they are not being represented.”

Douglas, co-founder of NFTCLT, expressed concern that Harris' words could deepen the divide within the black community, particularly between men and women.

“This reinforces the gender divide that is often used politically in the United States to undermine the power of Black communities,” Douglas said. “I think this rhetoric only deepens the divide between Black men and women. It prevents us from coming together in a unified and meaningful way. That's what this space is for.”

Mr. Bravado and Mr. Douglas agreed that a clear, neutral, branded regulatory framework would be far more helpful and effective than singling out particular groups on a political agenda.

“I don't know if traditional lobbying will help in this case, because most of what's happening is coming from the big crypto companies,” Douglas said. “I don’t think there will be support from the federal government if small crypto players and operators want to succeed in this space.”

Since announcing this agenda, the Harris campaign has stated that all programs and initiatives on the agenda for Black men, such as fully forgivable loans for entrepreneurs and the national legalization of recreational marijuana, are It makes clear that it will benefit Americans, not limit them. By race.

“This particular focus recognizes the unique challenges and opportunities Black men face in the digital economy and builds on her broader commitment to economic equity to ensure that no one is left behind. ,” said author Tonya Evans, a professor at Penn State University's Dickinson School of Law. said decryption. “While the focus on black men may seem targeted, it is part of a broader agenda to uplift all marginalized communities.”

Evans disagrees with the idea that the Harris campaign is pandering to gain support from black male voters, but instead believes it is a genuine effort to engage, listen and respond to the needs of a diverse electorate. I believe it is based on effort.

“Her approach demonstrates a dedication to gaining the trust and support of all groups by addressing the specific economic realities and opportunities in the Web3 economy,” she said. “Furthermore, her far-reaching policies support all Americans while ensuring that our most vulnerable and underrepresented communities directly benefit from her efforts.”

Since announcing his re-election bid, Harris' opponent Trump has made several offers to crypto believers, including attending a 2024 Bitcoin conference and launching multiple NFT drops. Most recently, Trump launched a DeFi project called World Liberty Financial.

“Trump initiatives like World Liberty Financial raise concerns about central control and favoritism, while Harris aims to establish fair regulation that protects small investors and empowers communities. '' Evans said.

President Trump has repeatedly said that November's losses will be bad for the crypto industry and its builders. Investors appear to agree, with the price of Bitcoin and other assets roughly following his movements in the polls, in what some analysts are calling a “Trump trade.”

President Trump said, “If we don't win the election, people who were under investigation and are now free birds, and people who have been under the radar in the crypto world, will continue to do so.'' I will survive,” he said. Hell – if they win, it starts the day after the election. ”

While Trump has certainly been more outspoken about his plans for cryptocurrencies, Evans is adamant that Harris' approach is the overall right one for the future of the industry.

“Unlike President Trump’s recent foray into cryptocurrencies, which some see as an attempt to appease voters without addressing systemic issues, Harris plans to weave digital assets into her Opportunity Economy platform. “There are,” Evans said. “Her policies aim to create an inclusive environment where emerging technologies like blockchain benefit the broader public, rather than a small elite.”

Edited by Andrew Hayward