While crypto could scupper Democrats’ chances in the November election, President Joe Biden’s decision to drop out of the race offers them a chance to course-correct.
That’s according to Jake Chervinsky, chief legal officer at crypto venture capital firm Variant.
“It’s clear that crypto will play a major role in this election,” Chervinsky said in an X post on Sunday.
He cited polling that shows one in five registered voters view crypto as a major issue, while almost half agree that “they ‘don’t trust candidates that interfere with crypto,’” he said.
Chervinsky’s comments echoed those of industry leaders, such as Coinbase Chief Legal Officer Paul Grewal, who maintain that crypto is an issue that could determine the outcome of the election.
While polls suggest voters are more concerned about the economy, crime, gun violence, and health care than with crypto, Security.org estimates that 40% of Americans own crypto in 2024.
The Federal Reserve puts that figure at 7%.
Biden bows out
Chervinsky’s argument came as an already chaotic election cycle — filled with criminal convictions, a chaotic debate, crypto endorsements and an assassination attempt — took another dramatic turn on Sunday when Biden exited the race.
While the Biden administration has largely been seen as anti-crypto, Republican candidate Donald Trump has cosied up to the industry — pledging to end to what he called “Biden’s war on crypto.”
That’s despite Trump’s opposition during his time as president. In 2021, he called Bitcoin “a scam against the dollar.”
Many Republican lawmakers support crypto.
Trump’s “efforts have been a huge success, rallying many crypto voters and donors to the right,” Chervinsky said.
He argued that crypto should never be a partisan issue as many who support the industry can be found on the left.
With Biden out of the race, the Democratic party has a “chance for a reset,” Chervinsky said.
“A new Democratic nominee can flip the script and win back a meaningful number of crypto voters,” Chervinsky said.
Biden threw his support behind Vice President Kamala Harris to take his place in the race.
She hasn’t spoken publicly about crypto, and her stance towards the industry is little known.
If Harris becomes the nominee, Chervinsky advised her to acknowledge the failure of crypto regulations under the current administration.
Chervinsky also said it’s important for Democrats to parlay with crypto stakeholders to develop proper policies for the industry.
Osato Avan-Nomayo is our Nigeria-based DeFi Correspondent. He covers DeFi and tech. To share tips or information about stories, please contact him at osato@dlnews.com.