Expert Claims Biden Steps Down Offers Democrats Opportunity to Recoup Lost Crypto Vote

The Democratic candidate to replace Biden urged to acknowledge crypto as a tech for geopolitical and economic grounds.

On July 21, observers claimed that President Joe Biden’s decision to step down yields an opportunity for the Democratic Party to reclaim the crypto vote before the November election. Notable crypto voices, including policy group CIFonX and Jake Chervinsky, the Democrats could tap into the opportunity granted by Biden’s exit to change their perspective on blockchain and crypto policy. 

Biden Exit a Win for Democrat 

Biden disclosed his plan to exit the US presidential race in an attempt to win back voters to the Democratic party. His exit follows louder calls this year to withdraw from the party, citing concerns regarding his age. 

Biden will complete his first term and has approved Vice President Kamala Harris as the Democratic Party’s next potential nominee.

Chervinsky, chief legal officer at Variant Fund, a crypto-focused venture capital company, emphasized the potential for crypto to have a significant role in the forthcoming elections. Additionally, he slammed the Biden administration’s strategy, frequently marked by the Securities and Exchange Commission’s strict enforcement actions under Gary Gensler. 

On July 21, Chervinsky tweeted that for a long time, the Biden administration has been very unreceptive towards crypto, declining to create sensible guidelines desired by the industry. Rather, the administration has focused on utilizing enforcements that are destructive to the industry.

Voters Opposed to Candidates Meddling With Crypto Industry 

Chervinsky also noted that according to the latest polling in swing states, 20% of registered voters view crypto as a significant problem, while almost 50% expressed cynicism towards candidates who meddle with the industry. Besides, most crypto supporters are ‘single-issue voters’ capable of tipping the election in states such as Pennsylvania and Michigan. 

Chervinsky stressed this situation has presented an opportunity that the ex-president Donald Trump has leveraged quickly. In this case, he has aggressively pursued the crypto vote, vowing to stop ‘Joe Biden’s war on crypto.’

Trump’s initiatives have resonated with the industry winning several crypto supporters and donors to the Republican side. Donald perspective is totally different from the present administration’s stance. The administration’s perceived resentment towards digital assets has evoked much criticism. 

Journalist Eleanor Terrett reported that CIFonX supported Chervinsky’s views, claiming that Biden’s departure is an opportunity for the Democrats to reassess their crypto policy.

A reshared tweet of Terret showed that previously, Senator Warren and Secretary Gensler might have misled White House policy. However, this is the opportunity to present a fresh vision for American innovation that retains jobs in the United States. Besides, the policy shift will grant the US competitiveness in digital assets while delivering financial inclusion.

The apparent inability of the Democrats to present a unified front on crypto policy has left many people in the sector excluded, throwing support behind Donald Trump as he aims to convince the crypto vote. 

On the campaign trail, the ex-president has courted crypto holders, welcoming crypto donations in May after indicating he is ‘okay’ with crypto. This happened at a Mar-a-Lago event for holders of his nonfungible token collection. 

In June, Trump exclusively supported Bitcoin miners. As a nominee, the ex-president vowed to draft a policy platform that strikes a balance between crypto innovation and consumer protection. Such indicates an honest understanding of the technology and a good-faith effort to initiate a productive space for crypto. 

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