U.S. Vice President Kamala Harris recently announced that she will support the development of policies to protect cryptocurrency investors, with a special focus on black men.
As part of the Democratic campaign, Harris, on behalf of the team, emphasized the importance of male voters of color, which may be crucial to them in the upcoming November presidential election. At the same time, her support may be one of the strategies of the Democratic Party to win voter support in the cryptocurrency field.
Committed to advancing crypto regulatory framework to ensure black rights
In an official statement on Oct. 14, Harris proposed a series of new policies on the campaign trail aimed at strengthening ties with black male voters, especially in the cryptocurrency space. Harris pledged to support a cryptocurrency regulatory framework that protects black people and other ethnic groups participating in the market.
Her campaign noted that more than 20% of African Americans have invested in or hold crypto assets, making these protections a key issue for many voters in that community.
Harris's stance may be aimed at addressing economic and health inequalities for black men, while her team also highlighted how new technologies can expand access to banking and financial services.
She pledged, if elected, to ensure that owners and investors in digital assets benefit from a regulatory framework that protects African American men and other groups participating in this market.
Notably, observers noted that the vice president did not even mention crypto-related terms such as “blockchain” or “digital assets” in his later speech.
On the other hand, Nikolaus Hoffman of Bitcoin Magazine criticized Harris's attitude towards cryptocurrencies, saying that her policy promises lacked specificity and had racial slant.
In contrast, Hoffman believes that Trump's stance on cryptocurrencies is more clear and positive. Trump has put forward specific policy details, and his actions show support for the cryptocurrency community.
Although Harris did not elaborate on her cryptocurrency plan in this speech, which also increased the community's uncertainty about her position, her team's commitment to the cryptocurrency regulatory framework has attracted some attention in the crypto community.
Contrast with Trump’s stance on cryptocurrencies
Although Harris' team has a negative view of Trump, accusing him of "repeatedly openly disparaging Black Americans and Black men," Trump's change of attitude in the field of cryptocurrency has won him a lot of support.
Not only does he call himself the "Crypto President," he also promised that if re-elected, he would create a more cryptocurrency-friendly regulatory environment and planned to set up a Bitcoin Advisory Committee.
Trump made headlines last month when he visited PubKey, a New York bar that accepts cryptocurrency payments, and bought a burger with Bitcoin.
In addition, the Trump family is also involved in a new decentralized finance (DeFi) project called World Liberty Financial (WLF), which plans to raise $300 million by selling its native WLFI token, which further deepens Trump’s connection with the digital asset field.
Conclusion:
Although Harris has tried to win over voters by supporting a regulatory framework for cryptocurrencies, her efforts in this regard appear insufficient to break away from the Biden administration's previous cold attitude toward cryptocurrencies.
At the same time, Trump has transformed from a critic of cryptocurrency to an active advocate of it, not only promising to establish a more relaxed regulatory environment, but also deepening his ties with the cryptocurrency field through the DeFi project WLF, in which his family is involved. Therefore, if Harris wants to compete with Trump on this increasingly important issue, she needs to propose more attractive and substantive cryptocurrency policies.
