As racial tensions flare amidst a global pandemic and national social justice upheaval, the centrality of structural racism has renewed old questions and raised new ones about where Asian Americans fit in U.S. politics. This paper provides an overview of the unique racial history of Asians in the United States and analyzes the implications of dynamic racialization and status for Asian Americans. In particular, we examine the dynamism of Asian Americans' racial positionality relative to historical shifts in economic-based conceptions of their desirability as workers in American capitalism. Taking history, power, and institutions of white supremacy into account, we analyze where Asian Americans fit in contemporary U.S. politics, presenting a better understanding of the persistent structures underlying racial inequality and developing a foundation from which Asian Americans can work to enhance equality.