Breaking down Kamala Harris’ crypto plans for ‘more than 20% of Black Americans’

• Kamala Harris advocated pro-crypto regulations focused on protecting Black investors in digital assets.
• Trump was leading Harris in polls despite her crypto and economic empowerment agenda.

As the U.S. elections approach, Vice President Kamala Harris is actively engaging with the cryptocurrency community, aligning her campaign with her “Opportunity Economy” initiative.

Kamala Harris’s latest move

In a strategic move ahead of the 2024 U.S. elections, Harris outlined plans to support a regulatory framework for cryptocurrencies. This was aimed specifically at protecting Black American investors.

Providing further insights on the same, the press release noted, 

“Vice President Harris knows that more than 20% of Black Americans own or have owned cryptocurrency assets, which is why her plans will make sure 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 initiative is part of her broader commitment to fostering wealth-building opportunities within the black community.

The announcement follows her recent endorsement of both Artificial Intelligence (AI) and cryptocurrency, signaling a concerted effort to address the economic disparities faced by marginalized groups while promoting innovative financial technologies. 

Community reactions

Harris is increasingly seen as a pro-crypto advocate open to bipartisan efforts aimed at shaping regulatory frameworks for digital assets.

And yet, her “crypto pivot” has sparked mixed reactions, with some in the community remaining skeptical of her intentions.

While her stance has drawn attention from advocates for regulatory clarity, a segment of the crypto space questions whether her agenda aligns with the industry’s vision of decentralized finance and true financial independence. 

For instance, Matt Hougan, CIO of Bitwise Invest, said, 

Source: Matt Hougan/X

However, the crypto community’s views on Harris aren’t entirely dismissive.

Several notable figures have voiced support for her approach.

For instance, Mark Cuban, during an interview with Farokh Radio, expressed optimism about Harris’s impact on the crypto space. He said, 

“I’m not a Democrat, I’m independent. I am just working with the Harris campaign that’s it. I just think she’s a better candidate.” 

Additionally, VanEck analysts suggested that Bitcoin [BTC] will likely remain resilient regardless of the 2024 election outcome.

However, analyst Mathew Sigel noted that BTC may see stronger benefits under a Kamala Harris administration compared to one led by Trump.

Trump vs. Harris

Despite Harris’s pro-crypto efforts, recent polling data from Polymarket shows Donald Trump leading with 56.5% of the vote, while Harris trails at 43%.

Source: Polymarket

This reflects Trump’s considerable influence, supported by endorsements from prominent figures like Elon Musk and Cardano co-founder Charles Hoskinson.

Therefore, to close the gap, Harris may need to present initiatives other than her recent crypto-focused proposals.