With President Joe Biden stepping down from the 2024 presidential race, the Democratic party may have a golden opportunity to win back the crypto community, according to industry experts.
Biden Steps Down, Harris Steps Up
On July 21, President Joe Biden officially announced his withdrawal from the 2024 presidential election, endorsing Vice President Kamala Harris to challenge Republican rival Donald Trump. Biden encouraged the party to rally behind Harris.
Potential for a Pro-Crypto Shift
Jake Chervinsky, chief legal officer at Variant Fund and former Blockchain Association lawyer, highlighted in a July 22 post on X that this shift provides the Democrats a “huge opportunity to win back a big share of the crypto vote.” He emphasized that this should be a top priority for the new nominee, especially in key states where crypto is a significant issue.
Chervinsky noted that thousands of crypto supporters are “single-issue voters” who could influence the election outcome in states like Michigan and Pennsylvania.
Crypto’s Bipartisan Nature
While the Biden administration has been largely anti-crypto, Chervinsky pointed out that crypto is not inherently partisan. Many Democrats support crypto but have felt conflicted due to current policies.
Recommendations for the New Candidate
Chervinsky outlined five strategies for the new candidate to attract crypto voters:
- Recognize crypto’s importance to the U.S. economy.
- Acknowledge the failures of current regulatory approaches.
- Propose balanced policies for innovation and consumer protection.
- Suggest crypto-friendly appointees for key agencies like the SEC and CFTC.
- Engage with crypto industry stakeholders.
He concluded that the Democrats have a significant opportunity, but it is up to the new nominee to seize it.
Broader Industry Sentiment
The CEDAR Innovation Foundation echoed this sentiment, urging the new candidate to present a fresh vision for American innovation. They suggested this could keep innovation jobs in the U.S., ensure global competitiveness in digital assets, and usher in a new era of financial inclusion and prosperity.
Kamala Harris and the Crypto Stance
On July 22, Adam Cochran, partner at Cinneamhain Ventures, noted that Kamala Harris has yet to publicly state her stance on crypto. However, he mentioned that her potential running mates are pro-crypto. Cochran speculated that the Democratic party might distance itself from Gary Gensler, Senator Elizabeth Warren, and Biden-era crypto policies due to past backlash.
Messari founder Ryan Selkis added that Harris might need to be transparent about her current understanding of crypto when appealing to swing voters.
