n an expected but shocking turn of event, on July 21, President Joe Biden declared that he would not run for the upcoming U.S elections in November 2024 Presidential Election. Instead he has decided to endorse Vice President Kamala Harris as the Democratic candidate. This decision comes after Biden’s poor outing in a debate against the now former President of the United States, Donald Trump, and his overall health and ability to continue for 4 more years
The Crypto Community's Reaction
The crypto community looks at this situation in a positive way and that Biden’s resignation is a perfect chance for democrats to change their stance and pay more attention to the crypto voters. With Trump’s pro-crypto ideology, the democrats are really struggling to get more votes, as most crypto investors are going to be backing the Republican Party. Jake Chervinsky of Variant Fund noted that the new nominee must focus on crypto policies, to win key states.
Opportunity For Crypto-Friendly Platform
Since Biden decided to step down; there has been more pressure within the arena demanding that the Democratic Party be more friendly towards innovations and cryptocurrencies. This approach was criticised by Cedar Innovation Foundation saying that changes from SEC Chair Gary Gensler and senator Elizabeth Warren to new democratic strategists could be positive. This shift may greatly affect the party’s prospects of achieving the support of youths, especially the innovative players in the economy today.
Solutions on How to Recover the Crypto Support
Chervinsky suggested multiple solutions in order for the Democratic nominee to win back crypto voters. First the democratic party should admit that crypto could be valuable to the U. S. economy. Secondly, they should discuss the shortcomings of the current strategies of regulation and create balanced advocacy of innovation and consumer protection. And finally, communicate with stakeholders mainly from the industry of cryptocurrencies which was a main issue previously in terms of clarity.
Strategic Shift for Democrats
The focus on the cryptocurrency sector may become precious in the next election as the Democratic Party is currently in the process of transition. It means that with the potential contenders such as Pete Buttigieg and Josh Shapiro, who received many positive attitudes from the crypto community, the Democrats can add a new chapter to the approach regarding digital assets and innovation.
