US Vice President Kamala Harris has come out in favour of adequate regulation of cryptocurrencies in the US. What exactly did she say?
After months of near silence regarding the topic of cryptocurrencies, Kamala Harris’ campaign unveiled a new strategy on Monday. In general, Vice President Harris said she plans to support a new regulatory system for digital assets that will protect black male investors. According to Kamala, more than 20 per cent of black Americans own or have owned cryptocurrencies. In this way, Democrats hope to gain their trust through an overtly positive stance on digital assets. But will this help politicians in the upcoming US presidential election?
Today, users of a decentralised betting platform called Polymarket mainly count on Donald Trump’s victory. His chances are estimated at 55.5 per cent, while Kamala Harris has a 44.1 per cent chance of success.
Actual chances of candidates to win the US presidential election on the Polymarket platform
Such a thing can be characterised, among other things, as support for Trump by users of digital assets. In general, this seems logical: after all, Donald began openly supporting the cryptocurrency industry back in the spring of 2024.
Since then, he has promised to stop selling coins that have been seized by the US government, create an adequate regulatory framework for digital assets, and fire Gary Gensler as chairman of the Securities Commission. In addition, he became the first US president to conduct a transaction on the Bitcoin network.
Does Kamala Harris support cryptocurrencies?
According to The Block’s sources, the following lines can be found in a new platform to attract black male voters called “Kamala Harris will advocate for black men”.
Vice President Harris appreciates how new technology can increase access to banking and financial services. She will ensure that owners and investors of digital assets benefit from the regulatory system and that black men and other participants in this market are protected.
U.S. Vice President Kamala Harris
As part of the plan, the Democratic candidate also promised to provide one million fully forgivable loans of up to $20,000 for black entrepreneurs, launch a health initiative, and legalise marijuana for recreational use.
To be fair, this isn’t Harris’ first comment directly about cryptocurrencies. Last month, she said her administration would support innovative technologies like artificial intelligence and digital assets while protecting consumers and investors.
Donald Trump and Kamala Harris debate
However, the mention of crypto was limited to just one sentence, in addition to the phrase about protecting investors made representatives of the blockchain industry in the US tense. Still, Gary Gensler, the SEC chairman appointed by Joe Biden, is essentially doing just that, but his methods of regulation through coercion do not allow cryptocurrency to develop at a normal pace. Well, the SEC itself predominantly sues various cryptocurrency companies and issues them large fines. Therefore, coin users fear that Harris' replica will essentially mean the continuation of such policies if she wins.
It is noteworthy that somehow Harris has voiced a clear stance on the issue of cryptocurrencies. She did so as part of an effort to appeal to black men, an important group for Democrats that the Harris campaign believes they could lose in the 2024 election.
Dynamics of candidates’ chances of winning the US presidential election, according to Polymarket
However, Cleve Mesidor, founder of Nat’l Policy Network WOC Blockchain, expressed criticism of Kamala Harris’ approach. She noted that the candidate’s team failed to meet with the crypto industry and instead proposed policies centred only on black men.
Mesidor, along with Black Women Blockchain Council founder Olayinka Odeniran and Professor Tonya Evans, sent a letter requesting a meeting to discuss the proposals. However, there has been no response yet, Decrypt notes.
Kamala Harris’ campaign initiatives to support cryptocurrencies and develop a regulatory framework with a focus on black men may be helpful in attracting their votes. However, criticism from representatives of the crypto industry for the narrow focus of the initiative could create additional problems and alienate investors from other social groups.
Republican opponent Donald Trump is actively attracting investors’ attention to cryptocurrencies, using his fame and influence in politics and business. Although he has expressed scepticism about digital assets as president, in recent months he has increasingly mentioned crypto in his speeches and media campaigns, thus attracting the interest of investors and the public.
Former US President Donald Trump
Trump recognises that his statements influence market sentiment and is using this power to shape his own agenda and draw attention to his crypto asset business initiatives.
One example of Trump’s influence on the crypto market was his involvement in the NFT series project. When Trump announced the release of his collection of unique tokens, interest in such assets skyrocketed.
His fans and supporters, as well as those simply wishing to invest in a new promising technology, began actively buying and trading NFTs associated with his name. This move showed that the politician recognises the potential of cryptocurrencies and blockchain as at least tools to increase his popularity and income, so he certainly won’t be criticising this niche for the foreseeable future.
For now, we can cautiously assume that Kamala Harris will not be able to convince the majority of cryptocurrency enthusiasts to vote for her. However, her actions as Vice President of the United States have made it clear that the politician is not interested in the topic of coins, and she herself approves of the repression of blockchain companies by the Securities Commission. Besides, the election is only three weeks away.
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