Why ignoring 50 million crypto voters could be risky

Given that there are around 50 million voters in the electorate who have invested in cryptocurrencies, some industry analysts warn that candidates who choose not to engage with the sector could face political challenges.

Moe Vela, former advisor to Joe Biden and senior advisor to the Unicoin cryptocurrency project, recently spoke to TheStreet Crypto about the possibility of Vice President Kamala Harris and Democrats changing their stance on cryptocurrencies ahead of the 2024 presidential election.

TheStreet Crypto: How likely is it that President Joe Biden’s running mate, Vice President Kamala Harris, will embrace Bitcoin?

Moe Vela: For over two years now, I have been encouraging President Biden, Vice President Harris, and my Democratic colleagues to embrace cryptocurrency. It is here to stay, and I believe elected officials are better understanding the blockchain and crypto ecosystem and recognizing the impact it will have on our economy.

I hope Vice President Harris understands that what is expected from the next president should be regulations that encourage the growth of the crypto sector while also protecting investors and consumers from malicious actors.

TheStreet Crypto: Why Democrats should see this as an opportunity to change their crypto positions

Vela: Democrats must recognize that there are over 50 million Americans who invest, trade or are crypto-enthusiasts. In an election as close as this presidential race, it is imperative that a candidate’s message appeals to and resonates with as many voters as possible.

Ignoring crypto voters — or making little to no effort to understand the industry and its impact — is a huge political risk and, frankly, stupid. Millions of Americans involved in the crypto ecosystem tend to be younger, so I implore the Democratic Party and the Harris campaign to clearly articulate their plans for the future of crypto.

I’m sure [Harris] will understand that it needs to avoid over-regulation and strike a healthy balance of minimal regulatory environment. There is no need to stifle the innovation and growth of the industry, and after the bad actors the crypto world has seen over the last few years, I can’t imagine anyone disagreeing that some regulation, limits and parameters are deserved.

TheStreet Crypto: Given that Harris has not made any public statements about Bitcoin, what opportunities does the crypto industry have to educate Harris or the Democratic team on Bitcoin?

Vela: The crypto industry must be at the table, collaborating with the government as laws and regulations are explored. It is imperative that elected officials receive first-hand education from industry insiders. Laws created without industry participation are a train wreck waiting to happen. The crypto industry must be ready to meet with Vice President Harris and her team to ensure they understand the challenges and opportunities in the industry.

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No matter which candidate becomes our next president, we can expect a tug-of-war with lawmakers.

From my perspective, some regulation is not only necessary, it is inevitable.

The industry’s responsibility, along with the chosen candidate, is to create regulations that do not stifle growth but rather encourage innovation, and protect investors and consumers from malicious actors.

This interview has been edited and condensed.