Regulation
Biden’s resignation gives Democrats ‘huge opportunity’ to change crypto voters’ minds, Variant exec says – DL News
- Variant’s top advocate urges Democrats to win over crypto voters.
- Jake Chervinsky said the next candidate could reset the party’s anti-crypto stance.
- Industry representatives say crypto is a major political issue.
While crypto could ruin Democrats’ chances in the November election, President Joe Biden’s decision to give up the race gives them a chance to put things right.
That’s according to Jake Chervinsky, chief legal officer at crypto venture capital firm Variant.
“It’s clear that cryptocurrency will play a major role in this election,” Chervinsky said. said in an X post on Sunday.
He cited a poll that shows one in five registered voters see crypto as a major problem, while nearly half agree they “don’t trust candidates who interfere with crypto,” he said.
Chervinsky’s comments echo those of industry leaders, such as Coinbase’s chief legal officer. Paul Grewalwho argue that cryptography is an issue that could determine the outcome of the election.
While polls suggest voters are more concerned Regarding the economy, crime, gun violence and healthcare, Security.org estimates that 40% of Americans will own cryptocurrencies by 2024.
THE Federal Reserve estimates this figure at 7%.
Biden withdraws
Chervinsky’s argument comes in an already chaotic election cycle filled with criminal chargeA chaotic debate, crypto recommendations And an assassination attempt — took another dramatic turn Sunday when Biden dropped out of the race.
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While the Biden administration has been widely seen as anti-crypto, Republican candidate Donald Trump has comfortable with the industry — pledging to end what he called “Biden’s War on Crypto.”
And this is despite Trump’s opposition during his term as president. In 2021, he called Bitcoin “a scam against the dollar.”
Many Republican lawmakers support crypto.
“Trump’s efforts have been a huge success, rallying many crypto voters and donors to the right,” Chervinsky said.
He argued that crypto should never be a partisan issue, as many people who support the industry are on the left.
With Biden out of the race, the Democratic Party has a “chance to reset,” Chervinsky said.
“A new Democratic candidate can turn the tables and win back a significant number of crypto voters,” Chervinsky said.
Biden has endorsed Vice President Kamala Harris to take his place in the race.
She has not spoken publicly about cryptoand his position towards the industry is little known.
If Harris is nominated, Chervinsky advised her to acknowledge the failure of cryptocurrency regulation under the current administration.
Chervinsky also said it was important for Democrats to Bet with crypto players develop appropriate policies for the industry.
Osato Avan-Nomayo is our DeFi correspondent based in Nigeria. He covers DeFi and technology. To share tips or story insights, please contact him at osato@dlnews.com.