With Biden withdrawing from the presidential race, crypto market players expect the next Democratic nominee to adopt a pro-crypto stance.
US President Joe Biden withdrew his application to compete in the upcoming presidential elections against Republican candidate Donald Trump on Sunday, July 21.
The next Democratic nominee is anticipated to adopt a pro-crypto stance, even though the Democrats have not yet announced Biden’s replacement.
Although Donald Trump has intensified his presidential campaign, which has attracted a significant number of crypto voters, Ripple CTO David Schwartz is anticipating that Joe Biden’s successor as the Democratic Party’s leader will implement policies beneficial to the cryptocurrency industry.
In a post on X, Schwartz recently asserted that the Democrats will not experience any electoral losses due to the replacement of Joe Biden.
He argued that there were no dedicated Biden supporters, only anti-Trump voters. The Ripple CTO thinks this development could appeal to electors who were apprehensive about Biden’s capacity to serve a second term.
In addition, it would enable Democrats to pivot credibly on their crypto policy, as there are no anti-crypto voters.
Many in the political community anticipate that Kamla Harris will succeed Biden; however, they also believe there will be minimal policy modifications.
Schwartz was questioned by a follower of X regarding his belief that Joe Biden was the one making the decisions regarding crypto policies. According to the devotees, an individual other than themselves was making decisions. Schwartz responded to this by stating:
“No, he certainly wasn’t. But there was no credible way to pivot with the same person at the top. It would have looked like cynically copying Trump. The shot they need to call now is how to distinguish the new candidate from Biden in a way that gains voters”.
Former Congresswoman Tulsi Gabbard expressed her perspective on the potential consequences of Kamla Harris’s ascension to the presidency. Gabbard penned the following in a post on X:
“Biden’s out, Kamala is in. Don’t be fooled: policies won’t change. Just like Biden wasn’t the one calling the shots, Kamala Harris won’t be either. She is the new figurehead for the deep state and the maidservant of Hillary Clinton, queen of the cabal of warmongers. They will continue their efforts to engulf the world in war and taking away our liberty”.
Elon Musk and other market actors have also criticized Kamla Harris, demonstrating the potential outcomes of her election as the next President.
Despite the significant developments of Sunday, Bitcoin and the broader crypto market have maintained their resilience.
