Vice President Kamala Harris has announced the "Opportunity Agenda for Black Men" to boost support that is declining in this population group. Her campaign promises a crypto-friendly regulatory framework.
African Americans have a significantly higher rate of crypto asset ownership compared to other US population groups, but this may not guarantee Harris additional votes.
Harris' Crypto Outreach Efforts
Kamala Harris, the US Vice President and Democratic candidate, appears to be linking her crypto support to efforts to attract African American voters. In the Opportunity Agenda for Black Men released on her website today, Harris' campaign has described the regulatory friendliness as a move that will significantly benefit this community.
"Over 20% of African Americans own or have owned cryptocurrency. Vice President Harris... will ensure that small holders and retail investors benefit from a regulatory framework that protects participants in this market,"
the program states.
The information claiming that African Americans hold a relatively high amount of crypto assets compared to other population groups has been circulating in recent years. However, introducing new crypto regulations as a gift to the black community seems like an odd choice. Nevertheless, polls show that voters are increasingly supportive of crypto. Why does Harris see this as a racial issue?
A key concern of the Harris campaign is her declining support among black men. The New York Times reported that she is performing significantly worse with this specific demographic. Joe Biden received 15% more support from this group in 2020 compared to Harris' current standing. With polls still very tight, Harris' campaign plans to regain some votes on this front.
2024 Election Polls. Source: FiveThirtyEightHer opponent, Donald Trump, has made support for Bitcoin a centerpiece of his 2024 campaign. Harris has also endorsed the industry to the extent that VanEck sees a victory for either candidate as a win for crypto. However, Harris' support is often seen as more vague than Trump's, and she has fewer specific promises for the industry.
Ultimately, campaign statements have described the crypto-friendly regulations as one of the "tools to achieve financial freedom" that Harris is providing for black men. These tools include debt forgiveness, new loans, employment programs, and various other economic incentives.
It remains unclear whether this specific economic message can translate into new support. Arthur Hayes, the co-founder of BitMEX and a thought leader in the industry, expressed ambivalence towards the crypto policies of both candidates in an interview.
"Both the Trump administration and the Harris administration will print money. They'll do it in different ways. But the money will be printed. And so your crypto will go up in value — the path may be very uncertain, but in the end we know where it's going to go,"
Hayes said.
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