As President Joe Biden steps out of the 2024 race, Vice President Kamala Harris steps in. Can she capture the crypto vote? Crypto lawyer Jake Chervinsky believes so, offering key strategies for the Democrats to turn the tide. Discover the potential shift in crypto policy and what it means for the future.
Democrats' Golden Opportunity: Wooing Crypto Voters in the 2024 Election
In a surprising turn of events, President Joe Biden officially withdrew from the 2024 presidential election on July 21, endorsing Vice President Kamala Harris as the Democratic nominee. This pivotal decision sets the stage for a new dynamic in the upcoming election, particularly concerning the crypto community. According to industry commentators, Democrats now have a prime opportunity to win back crypto voters, a crucial demographic in states where elections are often decided by slim margins.
Crypto Lawyer's Perspective: Seizing the Crypto Vote
Jake Chervinsky, the chief legal officer of Variant Fund and former lawyer for the Blockchain Association, voiced his perspective on this development in a July 22 post on X. Chervinsky emphasized that the Democratic Party, which has maintained an anti-crypto stance under Biden’s administration, now has a significant chance to reclaim a substantial portion of the crypto vote. He stated:
“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.”
Chervinsky pointed out that thousands of crypto enthusiasts are “single-issue voters” who could decisively influence the election results in key states like Michigan and Pennsylvania.
Crypto: A Bipartisan Issue
Despite the Biden administration's anti-crypto policies, Chervinsky highlighted that cryptocurrency is not inherently a partisan issue. There are Democrats who support crypto, many of whom have been conflicted by the administration’s stance. This internal conflict presents an opportunity for the new Democratic nominee to pivot and align with pro-crypto sentiments within the party.
Five Key Recommendations for the Democratic Nominee
To effectively woo back crypto voters, Chervinsky provided five strategic recommendations for the new Democratic candidate:
Recognize Crypto’s Economic Importance: Acknowledge the significant role of cryptocurrency in the U.S. economy and its potential for growth and innovation.
Address Regulatory Failures: Acknowledge and address the shortcomings of the current regulatory approach towards crypto, which has been seen as overly restrictive and counterproductive.
Propose Balanced Policies: Develop and propose balanced regulatory policies that foster innovation while ensuring consumer protection.
Appoint Crypto-Friendly Officials: Suggest appointing officials who are favorable to crypto for key positions in agencies like the Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC).
Engage with the Crypto Industry: Actively engage with stakeholders in the crypto industry to better understand their needs and concerns.
Chervinsky concluded that while the Democrats have a significant opportunity, it ultimately depends on the new nominee's willingness to embrace these strategies.
Support from the Crypto Community
The sentiment expressed by Chervinsky was echoed by the CEDAR Innovation Foundation, a prominent crypto policy group. They highlighted that the current moment offers a chance to present a new vision for American innovation. This vision should focus on keeping innovation jobs in the U.S., ensuring global competitiveness in digital assets, and ushering in a new era of financial inclusion and prosperity. They remarked:
“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.”
Kamala Harris: Crypto Stance and Potential Running Mates
On July 22, Adam Cochran, partner at Cinneamhain Ventures, noted that Kamala Harris has not yet publicly stated her position on crypto. However, he mentioned that her potential running mates are pro-crypto. He suggested that, given the backlash against the Biden administration’s crypto policies, Harris might attempt to distance herself from the stances of Gary Gensler, Senator Elizabeth Warren, and President Biden.
Meanwhile, Ryan Selkis, founder of Messari, speculated that Harris would likely present herself as enlightened and supportive of crypto when appealing to swing voters.
The Road Ahead
As the Democratic Party rallies behind Kamala Harris for the 2024 presidential election, the crypto community will be watching closely. Whether Harris will embrace the opportunity to woo crypto voters and shift the party’s stance on digital assets remains to be seen. What is clear, however, is that the crypto vote has the potential to significantly impact the election’s outcome, especially in pivotal swing states.
The coming months will reveal whether the Democrats can seize this moment to align with the growing and influential crypto community, potentially altering the political landscape in favor of innovation and digital asset adoption.
(MARTIN YOUNG, COINTELEGRAPH, 2024)