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Industry analysts believe that United States Democrats would have a chance to attract back crypto voters since that President Joe Biden has dropped from the running. Officially withdrawing from the 2024 presidential contest on July 21, President Joe Biden supported Vice President Kamala Harris to challenge Republican competitor Donald Trump and urged his party to be behind her.
Opportunity for Democrats to Win Back Crypto Supporters
Variant Fund chief legal officer and former Blockchain Association lawyer Jake Chervinsky said in a July 22 post on X that this would provide the party, which has been mostly 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.” Thousands of crypto enthusiasts, he said, are “single-issue voters” who might tilt this election in areas like Michigan and Pennsylvania.
Though there are Democrats that favor crypto and many left-leaning yet conflicted owing to the Biden administration’s anti-crypto policies, crypto is not intrinsically a political issue, he said. Chervinsky offered five suggestions for the fresh candidate to appeal to crypto enthusiasts. These included realizing the value of cryptocurrencies for the US economy, appreciating the shortcomings of present legislative policies, advocating balanced policies for innovation and consumer protection, recommending crypto-friendly appointees for important agencies including the SEC and CFTC, and interacting with crypto industry players.
Industry Reaction and Future Prospective Effects
“I think the Democrats have a great chance, but only the new nominee will determine whether to grab it” he said. While Gary Gensler and Senator Elizabeth Warren may have misled White House policy in the past, the crypto policy group the CEDAR Innovation Foundation said that 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.
Furthermore, on July 22, Cinneamhain Ventures partner Adam Cochran said that Kamala Harris does not yet have a public opinion on cryptocurrencies. Her possible running partners are pro-crypto, however. “I think you would expect an attempt to distance yourself from Gensler, Warren and Biden era policy on crypto” he said, adding “given the backlash they have seen on the matter, and the field of moderates who have reasonable crypto takes.” As appealing to swing voters, Messari creator Ryan Selkis said Harris would be “honest about how enlightened she is now with crypto.”
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