Kamala Harris Unveils Crypto Regulatory Framework as Part of Outreach to Black Voters, But Not Everyone Is Convinced

vice-president Kamala Harris unveiled a plan to support a cryptocurrency regulatory framework as part of its “Black Opportunity Agenda,” signaling a potential shift in the Democratic approach to digital assets.

What happened: The proposal, released less than a month before the presidential election, recognizes the growing importance of cryptocurrencies among Black Americans. According to Harris’ team, more than 20% of Black Americans currently own or have previously owned crypto assets.

“Vice President Harris values ​​how new technologies can expand access to banking and financial services,” the campaign says in the plan.

Harris’ proposal aims to ensure that “owners and investors in digital assets benefit from a regulatory framework so that Black men and others participating in this market are protected.”

The move aligns with Harris’ broader economic vision, which she laid out last month in an 80-page plan. In it, she expresses her support for innovative technologies such as AI and digital assets, while emphasizing consumer and investor protection.

This comes as polls pit Harris and GOP nominee against each other Donald Trump tightening and 66% of respondents in a CBS survey express a pessimistic outlook on the country’s direction.

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Why it matters: The proposal has faced criticism from some industry executives. Cleves Mesidorfounder of the National Policy Network of Women of Color in Blockchain, expressed concern about the narrow focus on black men and the definition of their role in the crypto space.

“It is puzzling that the Harris-Walz policy team has chosen not to meet with various crypto industry leaders, but is instead implementing a policy that narrowly frames crypto around black men only and proposes a framework regulations limiting black men to consumers rather than producers. ” Mesidor told The Block.

As the election nears, Harris’ stance on crypto regulation could become a key differentiator in the race, especially given Trump’s pledge to end what he calls an “illegal and anti-American” against the American crypto industry.

Harris’ initiative comes at a crucial time as the 2024 presidential election looms. Her campaign has received significant support from the crypto community, including a $1 million donation in XRP from co- founder of Ripple, Chris Larsen.

The election, featuring Donald Trump And Kamala Harrispresents a unique scenario for the cryptocurrency market. As Bitcoin remains stable despite the proximity of the elections, several analysts predict an imminent upward trend whatever the result.

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