Democratic Party Could Win Back Crypto Votes Following Joe Biden’s Exit, Crypto Attorney Says

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Julia Smith

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Julia Smith

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Julia is an experienced editor with a passion for covering a wide variety of beats. She loves all things politics and regularly covers regulatory updates on emerging technology here for Crypto News.

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July 22, 2024 16:51 EDT

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The Democratic Party has “a huge opportunity to win back a big share of the crypto vote” following current U.S. President Joe Biden’s withdrawal from the 2024 presidential election, crypto attorney Jake Chervinsky says.

According to a July 21 X post by the Variant Fund CLO, the upcoming Democratic nominee “can flip the script and win back a meaningful number of crypto voters” following the Biden administration’s longstanding “hostility” toward the digital asset sector as a whole.

The Democratic Party Has The Chance To “Reset” After Joe Biden Drops Out

The DeFi Education Board member then makes five recommendations to the presumptive nominee to make it happen: recognizing crypto’s economic power, acknowledging the United States Securities and Exchange Commission’s (SEC) regulatory failures, outlining a productive policy platform, publishing a list of potential appointees to federal agencies handling the crypto sector, and reaching out to stakeholders across the digital asset industry.

With President Biden stepping aside, the Democratic Party has a huge opportunity to win back a big share of the crypto vote.

This should be top priority for the new nominee in an election that will be won on the margins in states where crypto is a live issue.

Here’s why:

It's…

— Jake Chervinsky (@jchervinsky) July 21, 2024

“If the Democratic Party is serious about winning this election, the new nominee must seize this opportunity,” Chevrinsky continues.

The Race To The White House Heats Up As Democrats Await Nominee

Chervinksy’s comments come as the race to the White House reaches a critical juncture for the blockchain industry, with recent data from the Digital Currency Group showing that one in five voters in battleground states find crypto a major issue in the upcoming 2024 election.

Republican nominee Donald Trump has widely embraced a pro-crypto sentiment on the campaign trail, while Biden has long been critiqued by members of the crypto community for supporting a regulation-by-enforcement approach to digital assets.

Jake Chervinsky calls Trump’s focus on the blockchain sector a “his efforts have been a huge success,” particularly in regards to “rallying many crypto voters and donors to the right.”

Chervinsky further pushes back on the claim that the Republican Party may have a greater pull on crypto voters over the Democratic Party this year, citing strong bipartisan support in the vote to repeal SAB121 as well as the passage of FIT21 this year.

“I’m sure many people will decry this post, declaring the Democrats hopeless and the GOP the official party of crypto forevermore,” Chervinksy said. “I don’t agree, and neither do the many people I know in crypto who have struggled for years to reconcile their life’s work with their lifelong Democratic leanings. I believe the Democrats have a huge opportunity, but only the new nominee can decide whether to take it.”