Kamala Harris Crypto Regulation Plans Spark Criticism

To boost support among black male voters, Democratic presidential candidate Kamala Harris’ campaign this week released an advocacy platform that included a pledge to regulate cryptocurrencies to protect the interests of black Americans who invest in digital assets.

It was the most coherent, specific statement from the sitting vice president, who has spent far less time on cryptocurrency issues in the scaled-down campaign since she replaced Joe Biden in July than her Republican rival, former President Donald Trump.

The Harris campaign’s move this week was met with mixed reactions. While some crypto investors and industry members praised Harris’s stronger language on cryptocurrency regulation, others criticized her for focusing on black people.

“This issue is long overdue; “A lot of people were waiting for some kind of statement of support for the crypto community and investors from Kamala Harris,” Dr. Ali Emdad, director of the Center for the Study of Blockchain and Financial Technology at Morgan State University, told Decrypt.

“Research shows that more than a quarter of black Americans own cryptocurrency, compared to about 15% of white Americans, so it’s more acceptable,” Dr. Emdad continued. “People were waiting, and I think it was a little late, but despite that, it was really necessary to make this statement.”

Regulatory transparency can drive innovation and help African communities become leaders in emerging technologies, Dr. Emdad said, though he added that it’s important for community leaders to be actively involved in policymaking to ensure it meets their specific needs.

“Some will be skeptical due to the historical mistrust of financial systems, but many will welcome this as a step toward economic empowerment,” he added. “It’s like any big proposal — there will be skepticism, outspoken support, and demands for more substantive action.”

But not everyone agrees. Some in the crypto industry believe the timing of Harris’s announcement was purely politically motivated, especially as the hype around her campaign died down ahead of Election Day.

An ABC/Ipsos poll conducted on Wednesday gave Harris a 51% chance of winning, while Trump was 48% lower than before. Meanwhile, crypto bets on Polymarket have Trump at 60%, while Harris is at about 40%.

“I would have believed it two years ago, but not in an election year,” NFTCLT co-founder and CMO Tony Bravada told Decrypt.

“When I hear phrases like ‘supporting black Americans,’ it seems condescending,” he continued. “Are they focusing on the entire black community, or are they just trying to win over a specific group of Americans who are getting into crypto? That doesn’t ring true to me.”

Bravado and his partner, Shana Douglas, travel the country regularly hosting events at schools and universities, including the historically black college Morgan State University (MSU) and the University of Southern California (USC). Their events aim to raise awareness of blockchain, cryptocurrency, and other technologies among black Americans.

Bravado and other critics have criticized Harris' crypto statement as desperate and exaggerated, and he has expressed concern that singling out African Americans places an unnecessary burden on a community already struggling to access funding and financial opportunity.