In an effort to garner support among Black male voters, the campaign of the Democratic Party presidential nominee Kamala Harris unveiled an outreach agenda this week. One notable promise in this agenda was cryptocurrency regulation aimed at safeguarding Black men who engage in digital asset investments.
This statement marked the most definitive stance on the matter from Vice President Harris, whose campaign, since taking the lead from Joe Biden in July, has placed less emphasis on crypto compared to her Republican counterpart, former President Donald Trump.
The response to Harris’ campaign move was mixed, with some endorsing the stronger language on crypto regulation while others critiqued the focus on Black men as being exclusionary.
Dr. Ali Emdad, Director of the Center for the Study of Blockchain and Financial Technology at Morgan State University, pointed out the necessity of support from Harris towards the crypto community, especially given the significant ownership of crypto among Black Americans.
Dr. Emdad emphasized the importance of regulatory transparency in fostering innovation and empowering Black communities in the realm of emerging technologies.
However, not everyone was convinced by Harris’ announcement. Some in the crypto industry viewed it as politically driven, coming at a time when her campaign was losing momentum leading up to the election day.
Critics like Tony Bravado raised concerns about the perceived pandering in Harris’ statement, particularly the singling out of Black men, which they felt added undue pressure to a group already facing financial challenges.
Bravado and his partner, Shana Douglass, advocate for a more neutral regulatory framework that benefits all participants in the crypto industry rather than targeting specific groups for political gain.
In response to recent criticisms, Ansem tweeted about the inclusive nature of global crypto systems, stating that skin color does not limit access to applications in these decentralized networks.
Despite the backlash, Harris’ campaign clarified that the initiatives outlined in the Agenda for Black Men are intended to benefit all Americans, emphasizing inclusivity and accessibility.
Lee Fang commented on Harris’ declining popularity and her focus on endorsements from Dick Cheney, as well as policies related to crypto and cannabis targeted at Black men.
Tonya Evans, a Professor at Penn State Dickinson Law, defended Harris’ focus on Black men in the digital economy, citing it as part of a wider commitment to economic equity for marginalized communities.
Evans rejected claims of pandering, asserting that Harris’ agenda is genuinely seeking to engage with and address the specific needs of a diverse electorate.
Despite Trump’s vocal support for crypto, Evans believes Harris’ approach, which focuses on inclusivity and regulation, is more beneficial for the long-term growth and sustainability of the industry.
Edited by Andrew Hayward
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