The Democrats’ War on Crypto Will Lose Its Top Voters: The Winklevoss Twins

[ad_1]

US President Joe Biden and the Democratic Party risk losing his crucial young voters due to his continued war on crypto,” according to the Winklevoss twins.

On June 10, crypto exchange Gemini co-founder Cameron Winklevoss tweeted that Democrats would alienate an entire generation of young voters because of his war, the same voters who were crucial to winning the previous election.

Cameron notably singled out Senator Elizabeth Warren and President Biden-appointed Securities and Exchange Commission Chairman Gary Gensler.

A day later, on June 11, fellow Geminis co-founder and Cameron’s twin brother, Tyler Winklevoss, followed up with his own tweet, claiming that the war between Warren and Gensler would see the Democrats lose the 2024 election.

Gensler’s tenure at the SEC has seen an increase in enforcement actions against the crypto space while Senator Warren has shared insights into building an anti-crypto army.

Crypto on the ballot?

On November 5, 2024, a presidential election as well as elections for the House of Representatives and the Senate will take place in the United States. The 435 seats in the House are up for grabs, as well as 34 seats out of 100 in the Senate.

Young voters between the ages of 18 and 29 make up a major voting bloc for Democrats. Data from the 2022 US midterm elections shows that 63% of young people polled voted for the Democrats, compared to 35% for the Republicans.

The same age cohort is also the largest demographic of crypto users or investors with 28% of Americans aged 18-29 reporting at some point that they have used or invested in crypto, according to a April report from Pew Research.

Related: ‘Almost impossible to know’ what is and isn’t a security: Mark Cuban on SEC

What is unclear, however, is the importance of crypto politics for young voters, compared to other issues.

In a Pew survey of policy priorities conducted in January before the March banking crisis, the top issue was a stronger economy, which for those aged 18 to 29 came second after improving education.

Cryptocurrency regulation did not make the list of top 21 policy items reviewed by Pew.

Regardless, some presidential candidates on both sides of the political aisle have made their stance on crypto policy clear, such as Republican hopeful Ron DeSantis and Democratic hopeful Robert F. Kennedy Jr., who reported pro-crypto stances.

Cameron and Tyler Winklevoss have contributed to campaigns for both Republican and Democratic candidates according to data from lobbying tracking site OpenSecrets.

Magazine: Crypto Regulation Does SEC Chairman Gary Gensler have the final say?

[ad_2]