Jake Chervinsky, Chief Legal Officer at Variant Fund, suggests that the Democratic Party has a significant opportunity to win back a large portion of the cryptocurrency vote in the upcoming elections with Joe Biden’s exit.
What Happened: On Sunday, Chervinsky took to X to express his views on the potential impact of cryptocurrency on the upcoming elections. He highlighted that although Donald Trump has aggressively wooed the growing cryptocurrency demographic by cashing in on the Biden administration’s hostility toward the industry, the new Democratic nominee has an opportunity to “flip the script.”
Chervinsky pointed out that cryptocurrency has not been a partisan issue, and despite the Biden government’s stance, Democrats have supported legislation favorable to the sector, like the Financial Innovation and Technology for the 21st Century Act.
Moreover, he underlined that a large number of cryptocurrency advocates are Democrats and left-leaning, and don’t support Republicans on issues like abortion rights.
Seeing an opening, Chervinsky urged the new nominee to “emphatically” take steps to win back the confidence of cryptocurrency voters, like declaring commitment to the industry’s growth in the U.S., acknowledging the problems with the SEC’s regulatory oversight, publishing a list of pro-cryptocurrency potential appointees to the SEC and CFTC, and reaching out to key stakeholders in the industry.
See Also: Bitcoin Unaffected By Global IT Outage, Prediction Markets Don’t See Quick Resolution
Why It Matters: Chervinsky’s suggestion comes after President Joe Biden announced his withdrawal from the 2024 presidential race, endorsing Vice President Kamala Harris as the Democratic nominee.
Meanwhile, Senator Elizabeth Warren (D-Mass.), a known critic of Bitcoin BTC/USD, has publicly endorsed Harris for the presidency. This endorsement could potentially influence the voting patterns of the cryptocurrency cohort, which now accounts for a significant chunk of the total voting population.
A recent survey indicated that one-third of U.S. voters would consider a candidate’s stance on cryptocurrency in the 2024 elections.
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