On July 22, Variant Fund Chief Legal Officer Jake Chervinsky wrote today that with Biden's withdrawal from the 2024 presidential election, the Democratic Party has a "huge opportunity" to win back most of the cryptocurrency votes. In the election, the issue of cryptocurrency will determine the outcome of the election in several key states, and new candidates should make this a top priority.

New candidates must quickly and firmly assure cryptocurrency voters that it is safe for them to vote for the Democratic Party in November. Here are five suggestions to achieve this goal:

· Recognize that cryptocurrency is an important technology and industry for the US economic and geopolitical strength, and commit to ensuring that cryptocurrency thrives in the United States.

· Acknowledge the failure of the SEC's enforcement-first approach, that cryptocurrency should not be placed under laws designed for the analog era decades ago, and that adaptive regulations are needed.

· Outline a policy platform that balances cryptocurrency innovation with consumer protection, even at a high level, to demonstrate a true understanding of the technology and a willingness to engage in productive discussions.

· Release a list of possible nominees to lead the most important federal agencies for crypto, such as the SEC and CFTC, to show that crypto policy is no longer being made by “anti-crypto” members.

· Directly engage with key stakeholders in the crypto industry (entrepreneurs, investors, policy advocates, etc.) to begin crafting good policy in a collaborative spirit