Kamala Harris positions herself on cryptocurrencies

In mid-September , the incumbent Vice President of the USA made her first statement on the topic of cryptocurrencies when she emphasized that she wanted to protect both consumers and investors in this context. Now, just a few weeks before the US elections, she has once again caused a stir in the crypto world, as she has once again taken a stand, but specific points and plans remain unclear.

In an "Agenda on Opportunity for Black Men" published by her campaign office, Harris emphasizes that she wants to advocate for a regulatory framework that particularly protects disadvantaged groups, such as black Americans, and gives them access to financial innovation.

This pathbreaking agenda includes supporting a regulatory framework for cryptocurrency and other digital assets so Black men who invest in and own these assets are protected. [...] 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.
_{Quote from the "Opportunity Agenda for Black Men"}

The Vice President's position has provoked mixed reactions. On the one hand, supporters welcome the fact that Kamala Harris is finally speaking out on the issue and including it as part of her political agenda. On the other hand, there is skepticism about the actual content and scope of her plans. Matt Hougan, the CIO of Bitwise, one of the leading crypto asset managers, was one of the first to criticize Harris' statements.

In a tweet, he referred to her position as a "Rorschach test", in which the interpretation of statements can vary widely. "These words are a Rorschach test, not a position - they can be read as both aggressively pro-crypto and anti-crypto," Hougan wrote. In his view, it is unclear whether Harris is pursuing a concrete strategy or whether she is merely trying to appease both sides of the debate.

James Seyffart, a well-known analyst at Bloomberg, was also unconvinced by Harris' statements. In a short but concise tweet, he commented: "It really is a strange statement." His assessment hits the nail - to put it casually - pretty much on the head and reflects the confusion of many market observers who are wondering whether Harris has actually initiated a substantial political turnaround or whether it is more vague campaign rhetoric to win votes from the crypto community.

The ambiguity of her statements is mainly due to the focus Harris places on regulation. On the one hand, she talks about making new technologies and cryptocurrencies more accessible, especially for marginalized groups such as black Americans. This could charitably be interpreted as a "pro-crypto position", as it seems that the Vice President at least understands the benefits of Bitcoin & Co. for financially disadvantaged population groups and recognizes and supports their role in the context of "financial inclusion".

On the other hand, Harris also mentions the need for a regulatory framework to ensure that investors (here: "black Americans") are protected. This aspect can in turn be viewed critically, as there are fears that strict regulation could directly stifle the innovative spirit of the industry. Especially when you consider the previous stance of the US government, to which Harris belongs, and that of the regulatory authorities.

In summary, it can be said that Kamala Harris' statements can be seen as a sign that cryptocurrencies are moving further into the focus of the political agenda. On the other hand, it remains questionable whether her position actually represents comprehensive support for the crypto industry or whether it is primarily aimed at stronger regulation that could potentially inhibit innovation. It is also questionable to what extent it recognizes the difference between Bitcoin as a decentralized network and the majority of the tens of thousands of centralized altcoins. For many in the Bitcoin and crypto community, the direction Harris will take in terms of crypto policy remains unclear. A concrete statement with clear positions is therefore still pending.