Kamala Harris plans crypto regulation to protect Black voters

The Democratic presidential candidate Kamala Harris has announced plans to introduce cryptocurrency regulations aimed at supporting Black men in particular and strengthening their economic security. In response to growing support for former President Donald Trump within this voter group, Harris has proposed the creation of a legal framework for digital currencies in the U.S. as part of her current campaign promises. This is a long-awaited commitment from the crypto community, which has so far struggled with regulatory uncertainty and selective enforcement by the U.S. Securities and Exchange Commission (SEC) under Gary Gensler. Black men are among the largest demographic groups investing in cryptocurrencies, with 20% of them having invested in crypto assets directly or indirectly. According to Harris's campaign, investors and holders of digital assets should benefit from a regulated legal framework to improve access to financial services. The crypto community hopes that a potential Harris presidency would bring about a policy shift. In recent years, several threats have been made against the crypto industry under the Biden-Harris administration, including legal actions against major crypto exchanges like Binance and Coinbase. This consistent law enforcement has been perceived as less constructive. With her latest announcement, Harris may be signaling that the Democratic Party is prepared to support digital innovations in the crypto sector while ensuring consumer and investor protection. Her promise to promote the development of innovative technologies, such as AI and digital assets, demonstrates an openness to dialogue with the crypto community and a willingness to work towards detailed crypto regulation. In the political contest, Trump has failed to attract certain votes, including financial support from the crypto community, despite promising at a Bitcoin conference this year to replace SEC Chair Gensler and transform the U.S. into the "crypto capital." Although critics question his plans and his surprising pivot towards cryptocurrency, the millions in donations from the crypto community underscore its growing significance in the elections.