The political landscape for the U.S. Democrats is shifting as President Joe Biden officially withdraws from the 2024 presidential election, endorsing Vice President Kamala Harris to face Republican rival Donald Trump. Industry commentators see this as a pivotal moment for the party to reclaim crypto voters disenchanted by Biden’s administration.
Jake Chervinsky, Variant Fund’s chief legal officer and former Blockchain Association lawyer, highlighted the opportunity on X, stating this could be a “huge opportunity to win back a big share of the crypto vote,” after Biden’s exit.
He emphasized the critical role of thousands of “single-issue voters” in key states like Michigan and Pennsylvania, where crypto’s relevance could sway the election.
Chervinsky pointed out that while crypto isn’t inherently a partisan issue, the Biden administration’s anti-crypto stance has alienated many left-leaning supporters. To woo back these voters, he recommended five strategies for the new candidate:
- Recognize crypto’s significance for the U.S. economy.
- Acknowledge the shortcomings of current regulatory approaches.
- Propose balanced policies that foster innovation and protect consumers.
- Suggest crypto-friendly appointees for key agencies like the SEC and CFTC.
- Engage with crypto industry stakeholders.
“The Democrats have a huge opportunity, but only the new nominee can decide whether to take it,” Chervinsky concluded.
The sentiment was echoed by the CEDAR Innovation Foundation, which stressed the need for a new vision that supports American innovation, maintains global competitiveness in digital assets, and promotes financial inclusion and prosperity. The foundation suggested that a fresh approach could reverse past policy misguidance by figures like Gary Gensler and Senator Elizabeth Warren.
On July 22, Adam Cochran of Cinneamhain Ventures noted that Harris has yet to express a public stance on crypto, though her potential running mates are pro-crypto. He speculated that Harris might distance herself from the Biden era’s policies, considering the backlash they’ve received and the moderate field’s reasonable crypto views.
Messari founder Ryan Selkis added that Harris must be “honest about how enlightened she is now with crypto” to appeal to swing voters.
As the 2024 election approaches, the Democrats’ strategy for crypto could play a decisive role. Whether Harris will seize this opportunity remains to be seen, but the potential to reshape the narrative around crypto in American politics is undeniable.