Kamala Harris Campaign Shifts Focus to Crypto Regulation, Sparking Mixed Reactions
In an outreach program unveiled this week, Kamala Harris‘s campaign, the Democratic Party’s presidential contender, pledged to regulate cryptocurrencies to safeguard Black men who invest in digital assets in an effort to increase support among Black male voters. That was the most specific remark the current vice president has made to date.
Since replacing Joe Biden in July, her campaign has focused much less on cryptocurrency than her Republican opponent, former president Donald Trump. There were conflicting responses to the Harris campaign’s conduct this week. Others attacked the framing as being specifically about Black men, while other industry participants and cryptocurrency investors applauded Harris’s more incisive stance on crypto regulation.
It was overdue; a lot of people were waiting for some announcement of support from Kamala Harris to the crypto community and investors. Research shows that more than a quarter of Black Americans own crypto, compared to around 15% of whites, so it is more accepted. People were waiting, and this was, I think, a little bit late—but regardless, it was needed for that announcement to be made.
Dr. Ali Emdad, Director of the Center for the Study of Blockchain and Financial Technology at Morgan State University
Kamala Harris’s Crypto Regulation: Political Strategy or Genuine Support for Black Communities?
According to Dr. Emdad, regulatory clarity can encourage innovation and enable Black communities to take the lead in developing technology. However, he also noted that community leaders must actively participate in the policy’s formulation to make sure it addresses their unique requirements. However, not everyone is persuaded. Given that the early excitement surrounding Harris’ candidacy has subsided in the lead-up to Election Day, some members of the crypto sector believed that the timing of her statement was solely political.
Trump had a 48% probability of winning, while Harris had a 51% chance, according to an ABC/Ipsos poll of likely voters conducted Wednesday. Harris presently has about a 40% chance of winning, while cryptocurrency bettors on Polymarket currently give former Trump a 60% chance.
I would have believed her two years ago, not during an election year. When I hear phrases like ‘supporting Black men,’ it seems like pandering. Are they really focusing on the entire Black community, or just trying to win over a specific group of Black men who are getting into crypto? To me, it feels a bit out of touch.
NFTCLT co-founder and Chief Marketing Officer Tony Bravado
NFTCLT Co-Founders Warn Harris’s Remarks May Deepen Gender Divide in Black Community
Bravado’s partner and co-founder of NFTCLT, Shana Douglass, voiced concern that Harris’ remarks would widen gaps in the Black community, particularly between men and women.
It reinforces a gender divide that’s often used politically in America to weaken the strength of the Black community. I think this rhetoric only deepens the divide between Black men and women, which prevents us from coming together to mobilize in meaningful ways—which is what this space is for.
Douglass
A clear and neutrally branded regulatory system would be far more beneficial and effective than a political strategy that singles out a particular group, Bravado and Douglass agreed.
I’m not sure that traditional lobbying is going to help in this case, because most of that is happening is from the big crypto companies. If smaller crypto people and business owners want to be successful in this space, I don’t think they’re going to find that support from the federal government.
Douglass
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