The Democratic Party’s ‘war on crypto’ is about to lose a critical backer: the Winklevoss Twins
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It has been found that millennials, who overwhelmingly supported Democrats in the recent election, are the biggest adopters of the crypto industry.
The Winklevoss twins said that due to the Democratic Party’s ongoing “war on crypto”, US President Joe Biden and his party risk losing the support of young people, which is very important.
The co-founder of cryptocurrency exchange Gemini, Cameron Winklevoss, tweeted on June 10 that the Democrats’ anti-crypto stance will “alienate an entire generation” of important young voters.
Senator Elizabeth Warren and President Biden’s nominee for Chairman of the Securities and Exchange Commission, Gary Gensler, were specifically selected by Cameron.
The following day, on June 11, Cameron Winklevoss’ twin brother Tyler Winklevoss, another Gemini co-founder, tweeted his own response, declaring that Gensler and Warren’s “war” would result in the Democrats losing the 2024 election.
The number of enforcement proceedings against the crypto industry has increased during Gensler’s time in the SEC, and Senator Warren has signaled the formation of an “anti-crypto army”.
Bitcoin on the ballot?
On November 5, 2024, there will be elections for the Senate, House of Representatives, and presidential elections in the United States. Both 34 of the 100 Senate seats and 435 House seats are up for election.
Young people (18 to 29) make up a sizeable portion of the Democratic base. According to the results of the midterm elections in the United States in 2022, 63% of the youth surveyed voted Democrat over Republican with a margin of 35%.
According to a study released in April by Pew Research, 28% of Americans between the ages of 18 and 29 report having used or invested in cryptocurrency at some point. This age group is also the largest demographic of crypto users or investors.
However, what is not clear is the importance of crypto policy for young voters, compared to other issues.
In a Pew survey of policy priorities conducted in January — before the banking crisis in March — the main issue was strengthening the economy which came second to increased education for those aged 18 to 29.
Cryptocurrency regulation is not on the list of the top 21 policy items as surveyed by Pew.
Regardless, several presidential candidates from both sides of the political aisle have made clear their stance on crypto policy, such as Republican nominee Ron DeSantis and Democratic nominee Robert F. Kennedy Jr., who have signaled a pro-crypto stance.
The significance of crypto policies for young voters in relation to other issues, however, is uncertain.
Before the banking crisis in March, a Pew survey of policy priorities found that the top concern for people between the ages of 18 and 29 was improving education, with the economy ranking second.
The Pew Research Center’s list of the top 21 policy priorities does not include cryptocurrency legislation.
Nevertheless, certain presidential candidates on both sides of the political spectrum have announced their positions on crypto policy, including Republican contender Ron DeSantis and Democratic contender Robert F. Kennedy Jr.
According to data from lobby tracking site OpenSecrets, Cameron and Tyler Winklevoss have donated to both Republican and Democratic nominees.
The post-Democratic ‘war on crypto’ will lose critical supporters: Twins of Winklevoss first appear on BTC Wires.
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