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Democrats Can Regain Crypto Vote After Biden Steps Aside

With President Joe Biden stepping out of the 2024 race, the Democratic Party has a chance to reclaim crypto supporters by adopting pro-crypto policies. Experts highlight the importance of this shift for economic and geopolitical strength.

1 min 45 secJuly 22, 2024July 22, 2024
 Democrats Can Regain Crypto Vote After Biden Steps Aside

President Joe Biden’s withdrawal from the 2024 presidential race could offer Democrats a significant chance to win back crypto voters. On July 21, Biden officially endorsed Vice President Kamala Harris as the Democratic nominee against Republican Donald Trump, sparking discussions in the crypto community about potential policy shifts.

 

Jake Chervinsky, Chief Legal Officer at Variant Fund and former Blockchain Association lawyer, highlighted this potential in a July 22 post on X (formerly Twitter). He suggested Biden’s exit provides a “huge opportunity to win back a big share of the crypto vote.” Many crypto supporters are "single-issue voters" who could influence key swing states like Michigan and Pennsylvania.

 

Chervinsky emphasized that crypto isn't inherently partisan, but the Biden administration’s anti-crypto stance has alienated many. He proposed five key recommendations for the new Democratic candidate: recognizing crypto’s economic importance, acknowledging current regulatory failures, proposing balanced policies, appointing crypto-friendly leaders to agencies like the SEC and CFTC, and engaging with industry stakeholders.

 

 

Cinneamhain Ventures partner Adam Cochran noted that Kamala Harris hasn't publicly stated her position on crypto yet. However, her potential running mates are pro-crypto, offering hope for a more favorable approach.

Messari founder Ryan Selkis expressed optimism that Harris would be “honest about how enlightened she is now with crypto” when appealing to swing voters. The CEDAR Innovation Foundation also urged the new nominee to present a vision for American innovation in digital assets.

 

With nearly one in five registered voters in swing states viewing crypto as a major issue, and half distrusting candidates who oppose the industry, the stakes are high. Former President Trump has already capitalized on this by pledging to end what he calls "Joe Biden’s war on crypto."

 

In conclusion, the Democrats have a unique opportunity to regain the crypto vote by adopting pro-crypto policies. Will the new nominee seize this chance to reshape the party’s stance on digital assets? The upcoming election will reveal the answer.

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