With President Biden withdrawing from the 2024 US elections, Democrats now have an opportunity to adopt a more crypto-friendly stance to win votes, according to attorney Jake Chervinsky.
Chervinsky, the chief legal officer of crypto venture capital firm Variant Fund, says Democrats have a good chance of regaining a large share of the crypto vote, something he believes should be a top priority for the new nominee.
At the time of publication, Democrats have not yet named a new candidate. Yet Vice President Kamala Harris is backed by some of her high-profile colleagues, including the president himself, Bill and Hillary Clinton and California Governor Gavin Newsom.
Chervinsky says that Democrats have thus far largely missed a large voting bloc that has crypto as its top priority for the election. Now the lawyer says: “There is a chance of a reset.”
“A new Democratic nominee could flip the script and win back a significant number of crypto voters. To be sure, a large portion were Republicans from the start, and after years of Biden, many more have been lost forever to Democrats. But if the Democratic Party is serious about winning this election, the new candidate must seize the opportunity.
Here’s how:
The new nominee must quickly and emphatically reassure crypto voters that it is safe for them to vote blue in November. Here are five recommendations that can go a long way toward that goal:
1) Recognize crypto as an important technology and industry for American economic and geopolitical strength, and declare a commitment to ensuring crypto thrives here in the United States.
2) Recognize the failure of the SEC’s “enforcement-first” approach, the inappropriateness of subjecting crypto to decades-old laws designed for the analog age, and the need for tailored regulations that accommodate the intended purpose.
3) Outline a policy platform that balances crypto innovation with consumer protection, even if at a high level, to demonstrate a genuine understanding of the technology and a good faith effort to spark productive discussion .
4) Publish a list of potential appointees to lead the federal agencies most important to crypto, such as the SEC (Securities and Exchange Commission) and CFTC (Commodity Futures Trading Commission), to demonstrate that crypto policy is no longer will be determined by the members of an ‘anti-crypto army’.
5) Reach out directly to key stakeholders in the crypto industry – entrepreneurs, investors, policy advocates and more – to begin the hard work of developing good policies in the spirit of collaboration.”
According to crypto gambling site Polymarket, Donald Trump currently has a 64% chance of winning the presidency, while Kamala Harris has a 24% chance of victory.
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