President Joe Biden’s decision to step aside has created an opportunity for the Democratic Party to regain the crypto vote ahead of the November election, experts and observers said Sunday.
Voices within the crypto community, including Jake Chervinsky and policy group CIFonX, argue the Democrats could capitalize on the moment by shifting their stance on crypto and blockchain policy.
Biden announced Sunday his intention to drop out of the U.S. presidential race, attempting to sway voters back to the party following calls this year for him to bow out due to concerns over his age.
While Biden will finish his Presidential term, he has endorsed Vice President Kamala Harris as the next potential nominee for the Democratic Party.
Chervinsky, chief legal officer at crypto-focused venture capital firm Variant Fund, highlighted the potential for crypto to play a major role in the upcoming election.
Chervinsky also took aim at the Biden administration’s approach, oftentimes marked by the Securities and Exchange Commission’s stringent enforcement policies under Chairman Gary Gensler.
“For years, the Biden administration has been extremely hostile toward crypto, refusing to craft reasonable regulations tailored to the technology and instead trying to destroy the industry through a campaign of regulation by enforcement,” Chervinsky tweeted Sunday.
He pointed out that recent polling in swing states shows that one in five registered voters consider crypto a major issue, with nearly half expressing distrust towards candidates who interfere with the industry.
He emphasized this has created a vulnerability that former President Donald Trump has been quick to exploit.
Trump has aggressively courted the crypto vote, pledging to end what he terms “Joe Biden’s war on crypto.” His efforts have resonated, drawing many crypto supporters and donors to the Republican camp.
Trump’s stance contrasts sharply with the current administration, which has faced criticism for its perceived antagonism towards digital assets.
CIFonX echoed Chervinsky’s sentiments, stating that Biden’s exit presents a chance for the Democrats to reframe their crypto policy, according to reporting by Fox Business journalist Eleanor Terrett.
“While Secretary Gensler and Senator Warren may have misguided White House policy in the past, 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,” the group reportedly in a reshared tweet of Terrett.
The Democrat’s seeming inability to present a united front on crypto policy has left many in the industry disenfranchised, throwing support behind Trump as he seeks to curry the crypto vote.
The former president has appealed to crypto holders on the campaign trail, accepting crypto donations in May after signaling he’s “good” with crypto now at a Mar-a-Lago event for holders of his Polygon-based NFT collection. Last month, Trump specifically backed Bitcoin miners.
