The United States Democratic Party may have a chance to woo back crypto voters now that President Joe Biden has stepped out of the race, according to industry commentators.&nbsp;
On July 21, President Joe Biden officially <a href="https://cointelegraph.com/news/joe-biden-withdraws-united-states-presidential-race" rel="noopener noreferrer nofollow">withdrew</a> from the 2024 presidential election, endorsing Vice President <a href="https://cointelegraph.com/news/kamala-harris-memecoin-surges-after-biden-debate" rel="noopener noreferrer nofollow">Kamala Harris</a> to take on Republican Party rival Donald Trump and encouraging his party to unite behind her.
Variant Fund chief legal officer and former <a href="https://cointelegraph.com/explained/how-to-use-blockchain-and-smart-contracts-in-procurement" rel="noopener noreferrer nofollow">Blockchain</a> Association lawyer Jake Chervinsky <a href="https://x.com/jchervinsky/status/1815131074097549776" target="_blank" rel="noopener noreferrer nofollow">said</a> in a July 22 post on X that this would give the party, which has mainly been anti-crypto under Biden, a “huge opportunity to win back a big share of the crypto vote,” adding:
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 “This should be top priority for the new nominee in an election that will be won on the margins in states where crypto is a live issue.”
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He added that thousands of crypto supporters are “single-issue voters” who could tip this election in states like Michigan and Pennsylvania.
However, crypto is not inherently a partisan issue, and there are Democrats who support it but feel conflicted due to the Biden administration’s anti-crypto policies, he added.
<figure data-ct-non-breakable="true"><img src="https://s3.cointelegraph.com/uploads/2024-07/e58e3f85-7968-4a2a-8656-15be6b7e8d20.jpg" alt="Democrats have ‘huge opportunity’ to win back the crypto vote" title="">
 <figcaption style="text-align: center;">Comments on Democrat potential crypto policy shift. Source: Jake Chervinsky
 </figcaption>
</figure>
Chervinsky provided five recommendations for the new candidate to woo back crypto voters.
These included recognizing crypto’s importance to the US economy, acknowledging the failures of current regulatory approaches, proposing balanced policies for innovation and consumer protection, suggesting crypto-friendly appointees for key agencies such as the US Securities and Exchange Commission and Commodity Futures Trading Commission, and engaging with crypto industry stakeholders.
“I believe the Democrats have a huge opportunity, but only the new nominee can decide whether to take it,” he concluded.
The sentiment was echoed by the <a href="https://cointelegraph.com/explained/what-is-market-depth-in-crypto" rel="noopener noreferrer nofollow">crypto</a> policy group the Cedar Innovation Foundation, which <a href="https://x.com/thecolinmclaren/status/1815162674793402821" target="_blank" rel="noopener noreferrer nofollow">stated</a> that while Gary Gensler and Senator Elizabeth Warren may have misguided White House policy in the past, it's time for a new vision:
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 “This is the moment to present a new vision for American innovation that keeps innovation jobs in America, ensures global competitiveness in digital assets, and heralds in a new era of financial inclusion and prosperity.”
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Related: <a href="https://cointelegraph.com/news/joe-biden-withdraws-united-states-presidential-race" rel="noopener noreferrer nofollow">Joe Biden drops out of United States presidential race</a>
Also, on July 22, Cinneamhain Ventures partner Adam Cochran suggested that Kamala Harris has <a href="https://cointelegraph.com/news/what-we-know-about-kamala-harris-views-on-crypto" rel="noopener noreferrer nofollow">no public stance</a> on crypto yet. However, her potential running mates are pro-crypto.
He added that “given the backlash they’ve seen on the matter, and the field of moderates who have reasonable crypto takes, I think you’d expect an attempt to distance themselves from Gensler, Warren and Biden era policy on crypto.”
Meanwhile, Messari founder Ryan Selkis <a href="https://x.com/twobitidiot/status/1815199442972086547" target="_blank" rel="noopener noreferrer nofollow">said</a> that Harris is going to be “honest about how enlightened she is now with crypto” when appealing to swing voters.
Magazine:&nbsp;<a href="https://cointelegraph.com/magazine/saudi-arabia-riyadh-crypto-city-guide/" rel="noopener noreferrer nofollow">Saudi Arabia’s Riyadh may be crypto’s sleeping giant: Crypto City Guide</a>

Democrats have ‘huge opportunity’ to win back the crypto vote

Cointelegraph

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