Popular crypto advocate and Chief Legal Officer (CLO) of Variant Fund has highlighted a significant opportunity for the Democratic Party in the United States following incumbent President Joe Biden’s recent disclosure of forfeiting the upcoming presidential election. With Biden stepping aside, Chervinsky stressed that the party might regain a sizable portion of the cryptocurrency vote by enacting additional policies that are beneficial to the sector.
Crypto Voters In Focus As Biden Drops Out Of Presidential Run
On Sunday, President Joe Biden announced his intentions to back down from the impending US presidential election, which has caused quite a frenzy in the industry. Responding to the update, Jake Chervinsky, a crypto advocate and lawyer claims Biden’s action could give the Democratic Party the chance to win back a huge part of crypto voters. This is because the Biden administration has been fiercely against digital currencies for years, refusing to create clear laws for the technology and attempting to crush the sector with a campaign of enforcement-based regulations.
Although the Biden administration has been hostile to digital currencies, Chervinsky noted that there are still a lot of Democrats, who understand the potential of these assets and want them to flourish in the US, drawing attention to their support of the SAB121 and FIT21 bill this year. As a result, many crypto individuals will support these Democrats over the Republicans due to their actions to stifle digital currency innovation in the US with regulations under Biden.
According to the lawyer, the upcoming election is obviously going to be heavily influenced by cryptocurrency, since recent swing state polling shows that 1 in 5 registered voters consider digital assets to be a significant issue, while 1 in 2 concur that they don’t trust candidates who interfere with these assets.
With this magnitude and sentiment of the single-issue voters, Chervinsky claims a new Democratic nominee could turn the tide of the elections. “If the Democratic Party is serious about winning this election, the new nominee must seize this opportunity,” he added.
Winning The Voters Should Be A Top Priority
As the election approaches, Chervinsky highlighted that winning back a big portion of these crypto voters should be a top priority for the new nominee. This is due to his confidence that States, where cryptocurrency is a hot topic, will win the elections by margins.
He further pointed out five factors that a new nominee must consider to win these supporters in order to take control of the upcoming election. Chervinsky recommends that a new nominee must ensure that digital currency flourishes in the US, by recognizing them as a crucial part of the country’s strength.
The nominee should acknowledge the shortcomings of the SEC’s enforcement-first strategy and present a framework for legislation that balances consumer protection and digital asset innovation.
In addition, he advises that they should list potential nominees to head the federal agencies that are most important to the cryptocurrency space, like the SEC and CFTC. Lastly, they should reach out to crucial players in the industry to start the difficulty of producing good legislation cooperatively.
Featuured image from iStock, chart from Tradingview.com
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