Major Financial Opportunities for African Americans
Kamala Harris, the Vice President of the United States and Donald Trump’s main rival in the November 2024 U.S. presidential election, has announced a program to support African Americans, in which cryptocurrencies play a significant role. Harris’s plan, titled “Agenda of Opportunity for Black Americans,” is designed to ensure that cryptocurrency asset holders benefit from financial innovations.
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Kamala Harris, currently the Vice President and a candidate for the 47th presidency of the U.S., shared her views and plans regarding cryptocurrency regulation and the support of digital assets for Americans—particularly African Americans—if she wins the election.
Harris pointed out that over 20% of African Americans own cryptocurrencies and supported solutions where emerging technologies like blockchain and artificial intelligence (AI) could expand access to financial and banking services for this segment of society. Harris believes that the economic and social disparities in the U.S. have disproportionately impacted African Americans. Therefore, one of the key components of this plan focuses on digital assets, aiming to “enable African Americans with digital assets to benefit from financial innovations” and, consequently, assist the economy of this broad segment of society.
The Vice President has pledged to support innovative technologies like AI and digital assets while protecting consumers and investors. These statements, emphasizing AI usage and support for cryptocurrencies as key elements of her economic vision, mark Harris’ first direct reference to digital currencies.
Harris’s agenda also includes several key initiatives beyond digital currencies. She announced plans to enhance economic empowerment by providing forgivable loans of up to $20,000 for Black entrepreneurs, increasing access to capital for small businesses, and boosting job opportunities. Harris also seeks to reduce employment barriers, especially for those with criminal records, and promote fair and improved hiring practices.
Other notable aspects of the plan, aside from cryptocurrency regulation and control, include housing, education, apprenticeships, healthcare, mental health, support for Black farmers, and broader civil rights advocacy for African Americans.
Since the plan lacks specific details on how the potential government would support cryptocurrency assets and only broadly addresses general societal issues, it can be concluded that this initiative is primarily aimed at gaining attention and securing votes from a large segment of the population, namely African Americans.
Trump’s Support for Cryptocurrency
Unlike Kamala Harris, Donald Trump has openly expressed his support for the cryptocurrency industry since the start of his election campaign. Senators and prominent figures such as Cynthia Lummis, a major supporter of cryptocurrency, have also formally endorsed Trump’s campaign.
Senator Lummis is one of the few individuals who managed to present the Bitcoin Act of 2024 to the U.S. Congress. This shows that Trump’s supporters have a clear understanding of the cryptocurrency industry and its benefits for the government.
Additionally, Trump, being a well-known and successful businessman, has identified his opponent’s weaknesses, securing significant backing for his campaign.
However, during Trump’s previous presidency, there was no notable support for the cryptocurrency industry, which suggests that his current interest in the sector may be more about securing votes rather than recognizing its potential for the country.
Harris’s Last Efforts
Since Harris had not mentioned cryptocurrencies throughout her campaign and Trump quickly capitalized on this gap, Harris effectively lost the cryptocurrency community’s support. Thus, the proposal to support African Americans through digital currencies is seen as a clever move in the final days of the election campaign.
On the one hand, mentioning cryptocurrency in the proposed plan highlights Harris’ name in the media and the crypto community. On the other hand, it appeals to African Americans under the pretext of addressing their lost rights.
As has often been observed and experienced, both candidates appear focused solely on gaining votes. Harris’s lack of awareness and understanding of cryptocurrencies and blockchain, her failure to support the industry in recent years as Vice President, and her last-minute implicit endorsement of it make the inclusion of cryptocurrencies in U.S. legislation under her potential administration unlikely.
Given Trump’s recent support for the industry, despite his previous opposition, the only realistic chance for cryptocurrency legislation in the U.S. over the next four years may rest with Trump’s victory in this election. However, the hostile policies of the U.S. Securities and Exchange Commission (SEC) in recent years indicate that, at least for the U.S.—where the dominant national currency exerts substantial influence over other global currencies—cryptocurrencies are seen as a significant threat to banks and the economy. Unless a bill aligned with U.S. general policies is introduced, the legalization of cryptocurrencies in the country will remain a distant dream.
