New Harris Plan Addresses Crypto Ownership Among Black Americans

TLDR

• Vice President Kamala Harris has proposed a crypto regulatory framework as part of her “Opportunity Agenda for Black Men”
• Over 20% of Black Americans have owned or currently own cryptocurrency
• Harris aims to protect Black men and other crypto investors through regulation
• The proposal comes less than a month before the U.S. presidential election
• Some crypto leaders have criticized Harris’ approach for not consulting diverse voices in the industry

Vice President Kamala Harris has announced plans to support a cryptocurrency regulatory framework as part of her new “Opportunity Agenda for Black Men.”

The proposal, released on Monday, October 14, 2024, aims to build wealth for Black men and comes less than a month before the U.S. presidential election.

According to Harris’ campaign team, over 20% of Black Americans currently own or have previously owned cryptocurrency.

The Vice President’s plan acknowledges the potential of new technologies to expand access to banking and financial services.

Harris stated that she will work to ensure that owners and investors in digital assets benefit from a regulatory framework that protects Black men and others participating in the crypto market.

The proposed crypto regulations are part of a broader initiative that includes several other measures designed to support Black men.

These include providing one million fully forgivable loans of up to $20,000 for Black entrepreneurs starting businesses, launching a health initiative focused on Black men, and legalizing recreational marijuana.

This is not the first time Harris has addressed cryptocurrency in her campaign.

In September, she released an 80-page economic plan that mentioned encouraging innovative technologies like AI and digital assets while protecting consumers and investors.

The crypto industry has seen increased attention from political candidates in recent months.

Republican presidential candidate Donald Trump has also made statements about cryptocurrency, pledging to end what he calls an “unlawful and un-American crackdown” on the U.S. crypto industry.

Trump has also backed a crypto project called World Liberty Financial.

However, Harris’ approach to crypto regulation has faced criticism from some industry leaders. Cleve Mesidor, founder of the National Policy Network of Women of Color in Blockchain, expressed concern about the narrow focus of the policy.

Mesidor stated, “It is perplexing that the Harris-Walz policy team opted not to meet with diverse leaders in crypto, but instead is rolling out a policy that narrowly frames crypto around Black men only and proposes a regulatory framework limiting Black men to consumers instead of producers.”

Mesidor, along with other prominent figures in the blockchain and crypto space, including Olayinka Odeniran of the Black Women Blockchain Council and Professor Tonya Evans of Penn State Dickinson Law, had previously requested a meeting with Harris’ campaign team to discuss policy recommendations for innovation and inclusion.

As of the time of the announcement, this meeting had not taken place.

The Vice President’s proposal comes at a time when cryptocurrency regulation is a hot topic in political discussions.

As digital assets continue to gain popularity, politicians are increasingly addressing the need for clear regulatory frameworks to protect investors while fostering innovation in the financial technology sector.

Harris’ team has not provided specific details about the proposed regulatory framework, leaving questions about how it would be implemented and what specific protections it would offer to Black men and other crypto investors.

The effectiveness of such a framework in achieving its stated goals remains to be seen.