President Joe Biden’s withdrawal from the 2024 presidential race presents a potential opportunity for the United States Democrats to reclaim crypto voters, according to industry commentators.
On July 21, Biden officially stepped down, endorsing Vice President Kamala Harris to challenge Republican rival Donald Trump and urging party unity behind her.
Jake Chervinsky, Variant Fund’s chief legal officer and former Blockchain Association lawyer, noted in a social media post on July 22 that this development offers the Democrats a “huge opportunity to win back a big share of the crypto vote.”
“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 emphassized.
He pointed out that many crypto supporters are “single-issue voters” who could significantly influence the election outcome in pivotal states like Michigan and Pennsylvania.
Chervinsky explained that although crypto is not inherently a partisan issue, the Biden administration’s anti-crypto stance had alienated many left-leaning supporters.
He outlined five key strategies for the new Democratic candidate to attract crypto voters, including recognizing crypto’s economic importance, addressing regulatory shortcomings, and proposing balanced policies for innovation and consumer protection.
The CEDAR Innovation Foundation echoed this sentiment, emphasising that the exit of Gary Gensler and Senator Elizabeth Warren from shaping White House policy offers a chance to introduce a new vision for American innovation. They stressed the need to retain innovation jobs in the U.S., ensure global competitiveness in digital assets, and promote a new era of financial inclusion and prosperity.
Chervinsky concluded,
“I believe the Democrats have a huge opportunity, but only the new nominee can decide whether to take it.”
Meanwhile, Charles Hoskinson, co-founder of Input Output Global, has advocated for a unified voting strategy within the crypto community. He argued against Ethereum co-founder Vitalik Buterin’s advice to avoid choosing political allegiances based solely on candidates’ cryptocurrency stances. Hoskinson claimed that politicians would be less likely to antagonise the crypto industry if they recognize potential electoral consequences.
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