To address this, the Harris campaign launched a new initiative on Monday to engage Black male voters. One of the key points is cryptocurrency regulation, with Harris committing to endorse a regulatory framework that would provide greater investment certainty for the 20% of Black Americans who own or have owned digital assets.
For the first time, Bitcoin and cryptocurrencies have emerged as major topics in the U.S. presidential election. Following the announcement of her plan, Harris was accused by the crypto community of “lacking sincerity” and merely using cryptocurrencies as an electoral ploy.
Ansem, a crypto influencer, argued that the Harris team lacks due diligence regarding what meaningful crypto regulation would entail, and instead, their vague bullet points are embarrassing and frankly shameful. If Harris is serious, her team needs to address the irreversible damage her administration has already inflicted on the industry through Operation Chokepoint 2.0, criminal actions against crypto-friendly banks like Silvergate, the veto of the SAB 121 repeal, the ongoing lack of meaningful regulation around stablecoins and crypto securities laws, and the failure to remove Gensler from his position, as he has clearly been overly aggressive and biased against crypto in SEC litigation. “We are not idiots and this is not going to make any of us vote for you,” he said.
Mike Belshe, the CEO of BitGo, commented, “Bitcoin is the only form of money open to all people, of all colors, all religions, all economic classes with zero bias. Let’s not create crypto regulation based on identity.”
Billy Markus, the co-founder of Dogecoin and also known as Shibetoshi Nakamoto, stated that Harris, as a former California Attorney General, promised illegal things to deceive Black people, which he described as both illegal and malicious.
Crypto influencer Phyrex believes that, for Harris, cryptocurrencies serve as an electoral tool, and there’s nothing wrong with that. However, asserting that cryptocurrency is exclusively for Black people and that regulatory frameworks must be specifically tailored for them is certainly not what the mainstream risk market desires. Political correctness is one thing, but nonsense is another.
Despite these criticisms, it’s undeniable that Harris has garnered some support and recognition from within the crypto community.
Chris Larsen, the co-founder and chairman of Ripple, made the first recorded cryptocurrency donation to Harris, contributing $1 million in $XRP. He voiced strong confidence that Harris will bring a “more pragmatic approach and clear rules” to the cryptocurrency industry, which stands in stark contrast to the existing environment under Gary Gensler’s leadership at the SEC.
As per Galaxy Research, Harris is perceived as more crypto-friendly than Biden but not as much as Trump. She has vowed to improve the regulatory environment for the U.S. crypto industry, though she has taken a more cautious stance on taxation, Bitcoin mining, and self-custody rights. In contrast, Trump has openly supported Bitcoin mining and promised to protect self-custody rights. Nevertheless, Harris’s policies may prove to be more constructive than those of Biden.
Bitcoin, as a borderless and decentralized currency, truly empowers individuals from various ethnic and cultural backgrounds to engage in financial interactions on an equal footing. With well-designed and inclusive regulations, countries worldwide can balance the need for oversight and the drive for innovation, thereby offering more equitable economic opportunities for everyone. Therefore, when developing cryptocurrency regulatory policies, it is crucial to ensure that certain groups are not unfairly treated based on identity, background, or geographical location, ensuring that Bitcoin maintains its core values of equality and accessibility. For this reason, to earn the support and trust of crypto voters, Harris needs to exhibit a higher degree of “sincerity”.
The post first appeared on HTX Square.
