With President Biden bowing out of the US 2024 election, the Democrats now have an opportunity to pivot to a more crypto-friendly stance to gain votes, according to lawyer Jake Chervinsky.
Chervinsky, the chief legal officer of crypto venture capital firm Variant Fund, says that the Democrats have a good shot at winning back a big share of the crypto vote, something that he believes should be a top priority for the new nominee.
At time of publishing, the Democrats have not named a new nominee. Still, Vice President Kamala Harris has been endorsed by several of her high-profile peers, including the President himself, Bill and Hillary Clinton and California Governor Gavin Newsom.
Chervinsky says that as of now, the Democrats have largely missed out on a large voting bloc that has crypto as a main priority issue for the election. Now, the lawyer says “there’s a chance for a reset.”
“A new Democratic nominee can flip the script and win back a meaningful number of crypto voters. To be sure, a good portion were Republicans from the start, and after years of Biden, many more are lost to the Democrats for good. But if the Democratic Party is serious about winning this election, the new nominee must seize this opportunity.
Here’s how:
The new nominee must quickly and emphatically reassure crypto voters that it’s safe for them to vote blue in November. Here are five recommendations that would go a long way toward that goal:
1) Recognize crypto as an important technology and industry for American economic and geopolitical strength, and declare a commitment to ensuring that crypto flourishes here in the United States.
2) Acknowledge the failure of the SEC’s enforcement-first approach, the impropriety of subjecting crypto to decades-old laws designed for the analog era, and the need for tailored regulations that are fit for purpose.
3) Outline a policy platform that balances crypto innovation with consumer protection, even if high-level, to show a genuine understanding of the technology and a good-faith effort to start a productive discussion.
4) Publish a list of potential appointees to lead the federal agencies that matter most to crypto, such as the SEC (Securities and Exchange Commission) and CFTC (Commodity Futures Trading Commission), to show that crypto policy will no longer be set by members of an “anti-crypto army.”
5) Reach out directly to key stakeholders in the crypto industry—entrepreneurs, investors, policy advocates, and more—to begin the hard work of developing good policy in the spirit of collaboration.”
According to crypto betting site Polymarket, Donald Trump currently has a 64% chance of winning the presidency, while Kamala Harris has 24% odds of a victory.
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