Regulation
Biden’s departure gives Democrats ‘big opportunity’ to win over crypto voters, Variant exec says – DL News
- Variant’s top lawyer urges Democrats to win over crypto voters.
- Jake Chervinsky said the next candidate could change the party’s anti-crypto stance.
- Industry representatives say cryptocurrencies pose a major political issue.
While cryptocurrencies could hurt Democrats’ chances in the November elections, President Joe Biden’s decision to abandon the race It offers them the opportunity to correct their course.
Jake Chervinsky, chief legal officer at cryptocurrency venture capital firm Variant, says so.
“It is clear that cryptocurrencies will play a major role in this election,” Chervinsky said. She said in a post X on Sunday.
He cited polls showing that one in five registered voters sees cryptocurrency as a major issue, while nearly half agree that they “don’t trust candidates who interfere with cryptocurrency,” he said.
Chervinsky’s comments echoed those of industry leaders, such as Coinbase’s Chief Legal Officer Paul Grewalwho argue that cryptocurrencies are a factor that could determine the outcome of the election.
While polls suggest that voters are more interested on the economy, crime, gun violence, and healthcare compared to cryptocurrencies, Security.org estimates that 40% of Americans will own cryptocurrencies by 2024.
THE Federal Reserve puts that figure at 7%.
Biden withdraws
Chervinsky’s argument came as the election cycle was already chaotic, full of criminal convictionsA chaotic debate, cryptographic approvals AND an assassination attempt —took another dramatic turn on Sunday, when Biden dropped out of the race.
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While the Biden administration has been widely seen as anti-cryptocurrency, Republican candidate Donald Trump has approached the industry — pledging to put an end to what he called “Biden’s War on Cryptocurrencies.”
This is despite Trump’s opposition during his term as president. In 2021, he called Bitcoin “a scam on the dollar.”
Many Republican lawmakers support Encrypt.
“Trump’s efforts have been wildly successful, pushing many cryptocurrency voters and donors to the right,” Chervinsky said.
He argued that cryptocurrencies should never be a partisan issue, as many proponents of the industry lean left.
With Biden out of the race, the Democratic Party has “a chance to start from scratch,” Chervinsky said.
“A new Democratic candidate can flip the script and win back a significant number of cryptocurrency voters,” Chervinsky said.
Biden has thrown his support behind Vice President Kamala Harris to take his place in the race.
She has not spoken publicly about cryptocurrenciesand his position towards the industry is little known.
If Harris becomes the nominee, Chervinsky advised her to acknowledge the failure of cryptocurrency regulation under the current administration.
Chervinsky also said it is important for Democrats Negotiate with cryptocurrency stakeholders to develop appropriate policies for the sector.
Dared Avan Nomayo is our DeFi correspondent in Nigeria. He covers DeFi and technology. To share tips or story insights, contact him at dared@dlnews.com.