Kamala Harris Remains Vague in Speech Promising Crypto Regulatory Framework

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Julia Smith

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Julia Smith

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Julia is an experienced editor with a passion for covering a wide variety of beats. She loves all things politics and regularly covers regulatory updates on emerging technology here for Crypto News.

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Last updated:

October 15, 2024 12:00 EDT

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During a campaign speech in Erie, PA on Monday night, Democratic nominee Kamala Harris did not provide specific details on her much-anticipated crypto regulatory framework, despite earlier promises to introduce protections for digital assets ahead of the 2024 U.S. presidential election.

Kamala Harris Avoids Crypto Details Amid Key Voter Outreach

The former top prosecutor did not address the cryptocurrency sector directly during her appearance at the Erie Insurance Arena.

Instead, she spoke about creating an “opportunity economy” for American citizens, a message aimed at undecided Black male voters, who are considered crucial for swinging the election in her favor.

According to the Harris campaign, over 20% of Black men have owned or currently invest in digital assets.

“Vice President Harris appreciates the ways in which new technologies can broaden access to banking and financial services,” an agenda released by her campaign this week states.

“She will make sure owners of and investors in digital assets benefit from a regulatory framework,” the agenda reads. “This ensures that Black men and others who participate in this market are protected.”

Beyond crypto regulations, Kamala Harris is also focusing on broader issues in her campaign, including her initiative aimed at Black men.

This plan includes legalizing recreational marijuana, increasing investment in Black male teaching opportunities, and providing one million forgivable loans for Black entrepreneurs.

Some political analysts view this as a late effort by Kamala Harris to reclaim support from Black male voters, a demographic that Republican nominee Donald Trump has been making headway with.

Trump’s Crypto Stance in Focus

Trump has long been seen as the crypto-friendly candidate, even promising to fire current United States Securities and Exchange Commission (SEC) Chair Gary Gensler if he wins the Oval Office this November.

“We will have regulations, but from now on, the rules will be written by the people who love your industry, not hate your industry,” he told attendees at the Bitcoin 2024 Conference in Nashville over the summer.

However, Harris’ recent warmth towards the blockchain sector may help her gain crucial votes as the race for the White House enters its final phase.

“She knows people who have grown up in the innovation economy her whole life,” Ripple co-founder Chris Larsen told CNBC on Monday, adding that he believed Harris understood the concerns facing the crypto industry “on a fundamental level.”

With national polls essentially deadlocked, it is uncertain whether Harris can surpass Trump in the final stretch of the race.