Variant executive believes that Biden’s decision to exit the race creates a significant chance for Democrats to win over crypto voters
Variant’s top lawyer, Jake Chervinsky, is urging Democrats to appeal to crypto voters in order to win the upcoming election. Chervinsky believes that the party’s current anti-crypto stance could be reset by the next nominee, presenting an opportunity for Democrats to course-correct.
According to Chervinsky, crypto is a major policy issue that cannot be ignored in the upcoming election. Industry representatives, including Coinbase Chief Legal Officer Paul Grewal, also agree that the outcome of the election could be influenced by the candidates’ stances on crypto.
While polls show that voters are more concerned about other issues such as the economy, crime, and health care, a significant percentage of Americans own crypto. Chervinsky highlights that 40% of Americans own crypto in 2024, according to Security.org, while the Federal Reserve puts that figure at 7%.
Biden’s Withdrawal
Chervinsky made his argument amidst a turbulent election cycle that saw Joe Biden exiting the race on Sunday. Biden, who has been seen as anti-crypto, left the door open for Republican candidate Donald Trump, who has aligned himself with the crypto industry by promising to end what he calls “Biden’s war on crypto.”
Despite Trump’s past opposition to crypto, he has gained support from many crypto voters and donors on the right. Chervinsky emphasizes that crypto should not be a partisan issue, as there are supporters of the industry on both the left and right.
With Biden out of the race, Chervinsky sees an opportunity for the Democratic party to reset their stance on crypto and appeal to crypto voters. He suggests that a new Democratic nominee could win back support from the crypto community by acknowledging past failures in crypto regulation and collaborating with industry stakeholders to develop proper policies.
Vice President Kamala Harris, who Biden endorsed as his replacement, has not publicly discussed her views on crypto. If she becomes the nominee, Chervinsky advises her to address the shortcomings of current crypto regulations and engage with industry stakeholders to establish effective policies.
Osato Avan-Nomayo is our Nigeria-based DeFi Correspondent, covering DeFi and tech. For tips or story information, contact him at osato@dlnews.com.
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