Attempting to gain support from Black men, Harris faces ridicule in the U.S. elections as she reiterates her stance on cryptocurrency, only to be questioned on her sincerity and the lack of action on both fronts

Written by: Nancy, PANews

The U.S. presidential election has entered its countdown phase, and the competition between Trump and Harris has intensified. Compared to Trump's high-profile actions regarding cryptocurrency, Harris has rarely made clear statements about digital assets. Recently, during a campaign rally, Harris announced a series of economic security plans targeting Black male voters, which includes a commitment to support a regulatory framework for cryptocurrency to protect their investments. After this plan was announced, Harris faced criticism from the crypto community for lacking sincerity, suggesting that she was merely using cryptocurrency as a tool to win the election.

New policies for securing Black male votes raise doubts about crypto regulations

Pennsylvania is a crucial battleground state in this year's U.S. election, and both evenly matched candidates, Trump and Harris, campaigned in this key swing state this week, appealing to critical voter demographics.

For Harris, the support of Black male voters has proven to be a significant challenge. A recent poll conducted by Siena College and reported by The New York Times indicated that approximately 15% of Black voters plan to vote for Trump in this election. Former President Obama has also revealed that Black voters are undecided about whether to support Harris or Trump, criticizing this group for their reluctance to accept a woman as president. To win over Black male votes, Harris proposed new plans to provide more economic opportunities and development options for Black men, including offering 1 million fully forgivable loans to Black entrepreneurs, providing high-paying job opportunities, and ensuring that Black male investors are aware their funds are secure by protecting their cryptocurrency investments. "Harris knows that over 20% of African Americans currently own or have previously owned cryptocurrency assets, which is why her plan aims to ensure that digital asset holders and investors can benefit from the regulatory framework to protect African American males and other groups participating in this market." However, the crypto community ridiculed Harris's new policies regarding cryptocurrency, arguing that the regulatory framework was only proposed for Black voters and lacked additional regulatory details and a clearer policy stance on cryptocurrency.

Crypto KOL Ansem criticized Harris's team for lacking due diligence on meaningful cryptocurrency regulation, stating they have issued vague points that are embarrassing and, frankly, shameful. "If Harris is serious, she needs to address the irreversible damage your regulators have done to the industry, such as Chokepoint 2.0 and criminal actions against crypto-friendly banks like Silvergate, the repeal of SAB121 veto power, and the ongoing lack of meaningful regulation surrounding stablecoins or crypto securities, as well as not taking any action to dismiss Gensler, who is clearly too aggressive and biased against cryptocurrencies in SEC lawsuits. 'We are not idiots; this will not make any of us vote for you.' 'It's confusing that Harris's campaign team chooses not to meet with leaders in the crypto field while introducing a crypto policy limited to Black males and proposing a regulatory framework that restricts them to being consumers rather than producers,' admitted FOX reporter Eleanor Terrett. Galaxy Research analysts believe that Harris is more crypto-friendly than Biden but not as much as Trump. Harris has promised to improve the regulatory environment for the U.S. crypto industry but has taken a more cautious stance on issues such as taxation, Bitcoin mining, and self-custody, while Trump supports Bitcoin mining and promises to protect self-custody rights. Nevertheless, Harris's policies may be more constructive than Biden's.

Harris urged to take specific actions on crypto, gaining public support from crypto figures

The criticism from the crypto community towards Harris is not unfounded; the candidate has not publicly shared much about the crypto market in recent months. Insiders have indicated that Harris's campaign team may not elaborate on crypto policies before the election. Only in September this year did Harris first mention cryptocurrency, stating cautiously that the U.S. would "recommit" to maintaining global leadership in defining the fields of the next century, particularly in artificial intelligence, quantum computing, blockchain, and other emerging technologies. She also believes that artificial intelligence and cryptocurrency are part of her vision for an "opportunity economy." Consequently, the bipartisan crypto advocacy group Stand With Crypto downgraded Harris's rating to "NA" due to her campaign's lack of crypto policies.

In response, Galaxy Research analysts pointed out that Harris is more crypto-friendly than Biden but not as much as Trump. While Harris has committed to improving the regulatory environment for the U.S. crypto industry, she adopts a more cautious stance on taxation, Bitcoin mining, and self-custody issues, whereas Trump supports Bitcoin mining and promises to protect self-custody rights. Nevertheless, Harris's policies may be more constructive than Biden's. However, Tim Kravchunovsky, founder of the decentralized telecommunications network Chirp, urged that if Harris wants to attract cryptocurrency supporters with her words, she needs to take some practical actions, hoping to see more specific details about the digital asset policy she proposes, similar to Trump’s commitments.

Earlier this month, several crypto industry leaders sought to meet with Harris and her campaign policy team to discuss policies that promote innovation and inclusion. Notable figures, such as Cleve Mesido, founder of the Nat'l Policy Network WOC Blockchain, Olayinka Odeniran, founder of the Black Women Blockchain Council, and Tonya Evans, a professor at Penn State Dickinson Law School, called for establishing a regulatory framework for Web3 and DeFi to encourage innovation in the U.S. However, Harris has also gained support from several prominent crypto figures. For instance, Ripple founder Chris Larsen recently made the first recorded cryptocurrency donation of $1 million in XRP to Future Forward USA, one of the main super PACs supporting Harris. A16z co-founder Ben Horowitz announced he would donate "a substantial amount of money" to Harris's presidential campaign, no longer supporting Trump. In this intensely competitive U.S. presidential election, if Harris hopes to gain the support and trust of crypto voters, she needs to demonstrate more "sincerity."

This article is sourced from Foresightnews:

https://foresightnews.pro/article/detail/69666

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October 21, 2024