By Gabriel Joyce
Crypto community voices urge the new Democratic nominee, though decided, to seize Biden exit and recognize crypto critical technology for geopolitical and economic strength.
Following weeks of mounting pressure from Democrats, President Joe Biden announced dropping out of the 2024 reelection. Experts and observers indicate that the decision to step aside from the November 2024 presidential race yields an opportunity for the Democrats to regain the crypto vote.
The crypto community voices led by policy group CIFonX and Jake Chervinsky argue that the Democrats could tap on the moment to shift their stance on blockchain policy and digital assets.
Biden declared on Sunday intention to abandon the US presidential race against Republican nominee Donald Trump. The announcement attempts to sway voters back to the Democratic party following calls for him to bow out, alleging age-related issues.
Crypto Significant Role in November Election
While Biden resolved to complete the current presidential term, he publicly endorsed his deputy, Kamala Harris, as a potential nominee. Chervinsky, who serves as the chief legal executive at Variant Fund, echoes the perspective that crypto plays a significant role in the election.
The crypto-focused venture capital firm executive decried the approach undertaken by the Biden administration. Chervinsky noted that the approach often plays out in the stringent enforcement policies deployed by the Securities and Exchange Commission (SEC) under the Gary Gensler leadership.
Chervinsky illustrated that for years, Biden has appeared extremely hostile towards crypto. In particular, the Variant Fund cites Biden’s opposition to crafting reasonable crypto-specific regulators tailored to the technology. Instead, the legal expert laments at the administration’s resolve to strangle the industry via regulation by enforcement.
Chervinsky cited the recent polling within the swing states, illustrating that 20% of the registered votes perceive crypto as a critical issue. Nearly half expressed distrust towards the candidates who interfered with the industry.
Chervisky emphasizes that Democrats are vulnerable to former President Donald Trump’s bold move to support the crypto. The Republican candidate quickly exploited the vulnerability emerging from the anticrypto stance.
Since May, Trump has aggressively courted the crypto vote and pledged to end Biden’s war on digital assets.” The efforts with the Grand Old Party (GOP) nominee resonate with crypto supporters, evident in their donations.
Trump’s stance contrasts the approach undertaken by the present administration, which faces increased criticism for its apparent antagonism towards crypto assets.
CIFonX echoes Chervinsky’s views in declaring the Bidens exit an opportunity for the Democrats to reframe crypto policy. Fox Business journalist Elanor Terrett harbours similar sentiments, indicating that Biden’s exiting the forthcoming election presents a critical moment for crafting a new vision independent from the misguided stance in the past.
Will Democrats Leverage Biden Exit to Craft Crypto Policy?
Terrett indicates that though SEC chair Gensler and Senator Elizabeth Warren (D-Mass) misguided the White House policy in the past, the Democrats can seize the moment with a new vision. In particular, the Democrat nominee should visualize American innovation to safeguard innovation-based jobs in America.
https://x.com/EleanorTerrett/status/1815158182555115900
CIFonX considers that a new crypto policy should assure Democrats support to guarantee global competitiveness in digital assets. Additionally, the policy should declare a new era where Democrats oversee financial inclusion and prosperity.
Biden’s decision to denounce the nomination sets the stage for a new candidate. Nonetheless, Democrats seemingly cannot present a united front on digital assets. The absence of a clear policy on crypto leaves many in the space disenfranchised and backing Trump, who is actively curing the crypto vote.
Despite Biden endorsing Kamala Harris, the Democrat faces a huge challenge as the Trump presidency has often appealed to the crypto vote on its campaign trail.
Beyond support, Trump has accepted crypto since the May declaration at the Mar-a-Lago event, which featured holders of his Polygon-based NFT collection. Further, Trump supported Bitcoin miners to produce the remaining BTC within the US and accept crypto donations.
