Popular crypto lawyer and Chief Legal Officer (CLO) of Variant Fund has marked a major opportunity for the Democratic Party in the United States after incumbent President Joe Biden’s recent revelation that he has lost the upcoming presidential election. With Biden stepping aside, Chervinsky stressed that the party could regain a significant share of the vote for cryptocurrencies by taking additional policies that are favorable to the sector.
Crypto voters in spotlight as Biden drops out of presidential race
On Sunday, President Joe Biden announced his intentions to withdraw from the upcoming US presidential election, causing quite a stir in the industry. Reacting to the update, Jake Chervinsky, a crypto advocate and lawyer, claims that Biden’s move could give the Democratic Party a chance to win back a large portion of crypto voters. This is because the Biden Administration has been fiercely opposed to digital currencies for years. The company refuses to create clear laws for the technology and tries to destroy the sector with a campaign of enforcement-oriented regulations.
While the Biden administration has been hostile to digital currencies, Chervinsky noted that there is still a lot Democratswho understand the potential of these assets and want them to flourish in the US, drawing attention to their support for the SAB121 and FIT21 bill this year. As a result, many crypto individuals will support these Democrats over Republicans for their actions to stifle digital currency innovation in the US with regulation under Biden.
According to the lawyer, the upcoming election will of course be heavily influenced by cryptocurrencies. Recent polls in swing states show that 1 in 5 registered voters consider digital assets to be a major issue, while 1 in 2 say they do not trust candidates who engage with these assets.
With this size and sentiment of the single-issue electorate, Chervinsky argues that a new Democratic candidate could turn the tide of the election. “If the Democratic Party is serious about winning this election, the new candidate should seize this opportunity,” he added.
Winning the voters should be a top priority
As the election approaches, Chervinsky stressed that winning back a large portion of this crypto voters should be a top priority for the new nominee, due to his confidence that states where cryptocurrency is a hot topic will win elections by margins.
He further pointed out five factors that a new nominee should consider in order to win over these supporters and thus gain control of the upcoming election. Chervinsky recommends that a new nominee should ensure that digital currencies flourish in the US, by recognizing them as a crucial part of the country’s strength.
The nominee must acknowledge the shortcomings of the SEC’s enforcement strategy in the first place and present a framework for that strategy. legislation that balances consumer protection and digital asset innovation.
Additionally, he advises that they name potential nominees to lead the federal agencies most important to the cryptocurrency space, such as the SEC and CFTC. Finally, they should reach out to key players in the industry to begin the difficulty of co-producing good legislation.
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