United States Democrats may have a chance to woo back crypto voters now that President Joe Biden has stepped out of the race, according to industry commentators.
On July 21, President Joe Biden officially withdrew from the 2024 presidential election, endorsing Vice President Kamala Harris to take on Republican rival Donald Trump and encouraging his party to unite behind her.
Variant Fund chief legal officer and former Blockchain Association lawyer Jake Chervinsky said in a July 22 post on X that this would give the party, which has been largely anti-crypto under Biden, a “huge opportunity to win back a big share of the crypto vote,” before adding:
“This should be top priority for the new nominee in an election that will be won on the margins in states where crypto is a live issue.”
He added that thousands of crypto supporters are “single-issue voters” who could tip this election in states like Michigan and Pennsylvania.
However, crypto is not inherently a partisan issue, and there are Democrats who support it, with many left-leaning but feeling conflicted due to the Biden administration’s anti-crypto policies, he added.
Chervinsky provided five recommendations for the new candidate to woo back crypto voters.
These included recognizing crypto’s importance for the US economy, acknowledging the failures of current regulatory approaches, proposing balanced policies for innovation and consumer protection, suggesting crypto-friendly appointees for key agencies such as the SEC and CFTC, and engaging with crypto industry stakeholders.
“I believe the Democrats have a huge opportunity, but only the new nominee can decide whether to take it,” he concluded.
The sentiment was echoed by the crypto policy group the CEDAR Innovation Foundation, which stated that while Gary Gensler and Senator Elizabeth Warren may have misguided White House policy in the past:
“This is the moment to present a new vision for American innovation that keeps innovation jobs in America, ensures global competitiveness in digital assets, and heralds in a new era of financial inclusion and prosperity.”
Also, on July 22, Cinneamhain Ventures partner Adam Cochran suggested that Kamala Harris has no public stance on crypto yet. However, her potential running mates are pro-crypto.
He added that “given the backlash they’ve seen on the matter, and the field of moderates who have reasonable crypto takes,”
