Harris Vows To Protect Crypto Investors, but Skepticism Remains

• With less than a month to go before the election, Vice President Kamala Harris is increasingly focusing on crypto in her campaign.
• Harris’s latest crypto mention is part of an overture to black male voters.
• Despite what is perhaps Harris’ most explicit show of support for crypto yet, investors remain skeptical.

Crypto has increasingly become a major talking point in the U.S. 2024 elections as presidential candidates former President Donald Trump and Vice President Kamala Harris seek to position themselves as pro-crypto in the hunt for votes and perhaps in recognition of the industry’s massive election war chest .

While Harris’ pro-crypto pivot has come considerably late in the campaign cycle, the Democratic candidate is not letting up. In recent weeks, she has taken every opportunity to court industry members. In the latest instance, she further underlined her support for crypto in her plans to support black men.

Harris Commits To Supporting a Crypto Regulatory Framework 

With less than a month to go to the 2024 U.S. election, Vice President Kamala Harris increasingly focuses on crypto in her campaign. Harris’s latest crypto overture is part of an economic plan released on Monday, October 14 , to support black men in the U.S. called the “Opportunity Agenda for Black Men”. 

As part of the plan, supposedly inspired by conversations with black men in cities like Atlanta, Charlotte, and Detroit, the vice president hailed the potential of DeFi while promising to back crypto regulations that benefitted and protected holders.

"More than 20% of Black Americans own or have owned cryptocurrency assets. Vice President Harris appreciates the ways in which new technologies can broaden access to banking and financial services. She will make sure owners of and investors in digital assets benefit from a regulatory framework so that Black men and others who participate in this market are protected," the proposal read.

While the economic plan does not provide details of what a Harris-backed crypto regulatory framework would entail, it is the most explicit show of support the candidate has offered for crypto yet. Still, many investors remain skeptical.

Not a Strong Enough Stance?

Reacting to Harris’s latest crypto statement, Bitwise CIO Matt Hougan compared it to “a Rorschach test,” which is open to interpretation.

“These words are a Rorschach test, not a position — you can read them as aggressively pro-crypto or anti-crypto,” he wrote.

Perhaps underscoring Hougan’s view, Ava Labs Assistant General Counsel Russel Klein argued that the vice president’s views likely hinted at plans to overregulate the industry.

"Harris still only mentions crypto in the context of ‘make sure to enact tons of regulations so the government can protect the poor investors from it,’" he asserted.

The continued skepticism of Harris’ crypto overtures comes as crypto industry participants struggle to separate the vice president from the current administration’s perceived opposition to the industry manifested through the SEC’s enforcement campaign .

On the Flipside

• There is little evidence to suggest that crypto is a top issue for most American voters.
• While Trump has taken a bolder stance on crypto than Harris, promises like using crypto to clear the national debt raise questions.

Why This Matters 

Harris’ statements underscore the growing crypto consciousness in Washington while suggesting that crypto is likely to win the 2024 U.S. presidential election regardless of who wins.

Read this for more on Harris’ crypto stance:
Harris Doubles Down on Crypto Commitment with Key Policy Update

See why Polygon (POL) Labs CEO Marc Boiron believes OP Stack chains will join the AggLayer:
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