US President Joe Biden resigned from the upcoming November 2024 Presidential Election on July 21 and immediately endorsed Vice President Kamala Harris’s candidature.
Biden said:
“I have decided not to accept the nomination and to focus all my energies on my duties as President for the remainder of my term. My very first decision as the party nominee in 2020 was to pick Kamala Harris as my Vice President. And it’s been the best decision I’ve made. Today I want to offer my full support and endorsement for Kamala to be the nominee of our party this year.”
Biden’s move was entirely not surprising as he had been facing increasing pressure to drop out over the past few weeks after his disastrous showing at the debate against former US President Donald Trump.
Crypto platform Polymarket was praised by many, including Ethereumm’s Vitalik Buterin, for its ability to predict Biden’s move ahead of time.
“Really impressive showing from [Polymarket]. Not just predicting the outcomes well in advance, but also (through making conditional odds of different candidates visible) serving as an active input into collective decision making.”
Crypto community members have pointed out that Biden’s withdrawal from the presidential race presents the Democratic Party an opportunity to win back the crypto votes that have predominantly tilted towards the Republicans due to President Trump’s newfound pro-crypto stance.
On July 21, Variant Fund’s chief legal officer, Jake Chervinsky, emphasized that capturing crypto votes should be the “new nominee’s top priority in an election that will be won on the margins in states where crypto is a live issue.”
He added:
“I believe the Democrats have a huge opportunity, but only the new nominee can decide whether to take it.”
The Cedar Innovation Foundation, a crypto policy group, agreed. They suggested that with SEC Chair Gary Gensler and Senator Elizabeth Warren having influenced past White House policies, it’s time for fresh leadership. Colin McLaren, the Engagement Director of the Cedar Innovation Foundation, told CryptoSlate:
“A new generation of Democratic candidates in the House and Senate have made innovation-friendly policies a part of their policy platforms, and we hope that Vice President Harris and any other candidates who run for the nomination will do the same.”
How Democrats can win back crypto votes
Chervinsky provided five recommendations for the new candidate to win back crypto voters:
- Recognize crypto’s importance to the US economy.
- Acknowledge the failures of current regulatory approaches.
- Propose balanced policies for innovation and consumer protection.
- Suggest crypto-friendly appointees for key agencies like the SEC and CFTC.
- Engage with crypto industry stakeholders
Cinneamhain Ventures partner Adam Cochran noted that while Harris has no public stance on crypto, she could sell herself to the industry by appointing a pro-crypto running mate. He further pointed out that the potential candidates for this role—Pete Buttigieg and Josh Shapiro—are pro-crypto.
He concluded:
“Given the backlash they’ve seen on the matter, and the field of moderates who have reasonable crypto takes, I think you’d expect an attempt to distance themselves from Gensler, Warren and Biden era policy on crypto.”
