Will Kamala Harris Use Crypto as a Strategy in the 2024 US Election?
Will Biden’s Exit Open Crypto Policies?
On July 21, President Joe Biden officially withdrew from the 2024 presidential election. He endorsed Vice President Kamala Harris to face Republican rival Donald Trump, urging his party to unite behind her.
Crypto Community: A Key to Victory
Industry commentators suggest this could be an opportunity for Democrats to win back crypto voters, who have felt alienated under Biden's administration.
Comments on Democrat potential crypto policy shift. Source: Jake Chervinsky
Jake Chervinsky, chief legal officer at Variant Fund and former Blockchain Association lawyer, highlighted this in a July 22 post on X. He emphasized that prioritizing crypto could help the party capture a significant portion of the crypto vote, crucial in swing states like Michigan and Pennsylvania.
Crypto: A Bipartisan Issue
Chervinsky pointed out that while Biden's administration has been largely anti-crypto, the issue isn't inherently partisan. Many Democrats support crypto but feel conflicted due to the current administration's policies.
Five Steps to Woo Crypto Voters
Chervinsky outlined five recommendations for the new Democratic candidate:
Recognize Crypto's Economic Importance: Acknowledge the significant role crypto plays in the US economy.
Address Regulatory Failures: Admit the shortcomings of current regulatory approaches.
Propose Balanced Policies: Ensure innovation and consumer protection are both prioritized.
Appoint Crypto-Friendly Officials: Suggest pro-crypto appointees for key agencies like the SEC and CFTC.
Engage with the Crypto Industry: Maintain an open dialogue with crypto stakeholders.
A New Vision for Innovation
The CEDAR Innovation Foundation echoed Chervinsky's sentiment, stating that this is the moment for Democrats to present a new vision for American innovation. This vision should focus on retaining innovation jobs in the US, ensuring global competitiveness in digital assets, and promoting financial inclusion and prosperity.
Harris's Stance on Crypto
Cinneamhain Ventures partner Adam Cochran noted that Kamala Harris has not publicly stated her stance on crypto. However, her potential running mates are pro-crypto. Cochran speculated that the new campaign might distance itself from the anti-crypto policies of Gensler, Warren, and Biden.
Harris and her husband are heavily invested, but according to her 2023 White House financial disclosure, they do not hold any digital assets.
Honest Engagement with Voters
Ryan Selkis, founder of Messari, added that Harris would need to honestly convey her understanding of crypto when appealing to swing voters. This honest engagement could be crucial in winning over the crypto community.
As the Democrats prepare for the 2024 election, prioritizing crypto could be a strategic move to win back voters. With Biden stepping down and Harris stepping up, the party has a chance to reshape its stance on crypto and engage with a critical and growing voter base.
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