Vice President Kamala Harris announced a new “Opportunity Agenda for Black Men,” aimed at strengthening eroding support among this demographic. Her campaign promises a crypto-friendly regulatory framework, among other measures.
African Americans have a disproportionately high rate of crypto adoption compared to other demographics in the US, but this may not guarantee new votes for Harris.
Harris’ Cryptocurrency Outreach
US Vice President and Democratic candidate Kamala Harris appears to be linking her support for cryptocurrencies to efforts to appeal to African American voters. In the Opportunity Agenda for Black Men published today on Harris' website, Harris' campaign positions the favorable response to regulation as a move that disproportionately helps this community.
“More than 20% of Black Americans own or have owned cryptocurrency assets. Vice President Harris… “enable owners and investors to benefit from the regulatory framework,” the agenda states.
Read more: Cryptocurrency regulation: What are the advantages and disadvantages?
There has been a growing argument in recent years that African Americans hold relatively large amounts of cryptocurrencies compared to other demographics. But imposing new cryptocurrency regulations as a gift to the black community seems like a strange choice.
After all, polls show that voters overall are increasingly supportive of cryptocurrencies. Why does Harris call this a racial issue?
The Harris campaign's main concern is that her support among black men is waning. new york times Harris argues that it is significantly underperforming this particular demographic. Joe Biden received 15% more support than Harris in 2020.
Polls remain close, and the Harris campaign hopes to win back votes in this area.
Her opponent, Donald Trump, has made support for Bitcoin a cornerstone of his 2024 campaign. Harris has also supported the industry to the extent that Van Eck considers a victory for either candidate to be a success for the crypto industry. Still, Ms. Harris' support is generally seen as more vague than Mr. Trump's, with fewer concrete promises to the industry.
After all, the campaign statement touts the crypto regulation push as one of several “tools to achieve economic freedom” that Harris is offering black men. These tools include debt forgiveness, new loans, employment programs, and several other economic incentives.
Read more: How can blockchain be used for voting in 2024?
It is unclear at this point whether this particular economic message will lead to new aid. In an interview, BitMEX co-founder and industry thought leader Arthur Hayes expressed ambivalence about either candidate's crypto policies.
“Both the Trump administration and the Harris administration are going to print money. They do it in different ways. But money will be printed. And your cryptocurrencies will go up – that path is very It can be volatile, but at the end of the day, we know where it's going,” Hayes said.
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