Democratic Party’s ‘war on crypto’ will lose critical supporters: Twins of Winklevoss
Jun 12, 2023 14:36 UTC
Jun 12, 2023 at 14:36 UTC
It has been discovered that millennials, who overwhelmingly supported the Democrats in the recent election, are the crypto industry’s biggest adopters.
The Winklevoss twins say that because of the Democratic Party’s ongoing “war against crypto,” US President Joe Biden and the party run the risk of losing the support of young people, who are very important.
The co-founder of the cryptocurrency exchange Gemini, Cameron Winklevoss, tweeted on June 10 that the Democrats’ anti-crypto stance would “alienate an entire generation” of important young voters.
Senator Elizabeth Warren and President Biden’s nominee for Chair of the Securities and Exchange Commission, Gary Gensler, were specifically singled out by Cameron.
The following day, on June 11, Cameron Winklevoss’ twin brother Tyler Winklevoss, another co-founder of Gemini, tweeted a response of his own, asserting that Gensler and Warren’s “war” will result in the Democrats losing the 2024 election.
The number of enforcement proceedings against the crypto industry has increased during Gensler’s time at the SEC, and Senator Warren has hinted at the formation of an “anti-crypto army.”
Bitcoin on the ballot?
On November 5, 2024, there will be elections for the Senate, the House of Representatives, and the presidency in the United States. Both 34 of the 100 Senate seats and all 435 of the House seats are up for election.
Young people (18 to 29) make up a sizable portion of the Democratic base. According to midterm election results in the United States in 2022, 63% of the youth who were polled chose Democrats over Republicans by a margin of 35%.
According to a research released in April by Pew Research, 28% of Americans between the ages of 18 and 29 reported having used or invested in cryptocurrencies at some point. This age group is also the largest demographic of crypto users or investors.
What’s unclear, however, is the importance of crypto policy to young voters, relative to other issues.
In a Pew survey on policy priorities conducted in January — before the banking crisis in March — the top issue was strengthening the economy which for those aged 18 to 29 came second to improving education.
Cryptocurrency regulation didn’t make the list of the top 21 policy items as surveyed by Pew.
Regardless, some presidential nominees from both sides of the political aisle have made their stances on crypto policy clear, such as Republican hopeful Ron DeSantis and Democratic hopeful Robert F. Kennedy Jr., who have signaled pro-crypto stances.
The significance of crypto policy to young voters in relation to other concerns, however, is uncertain.
Before the banking crisis in March, a Pew survey on policy priorities found that the top concern for people between the ages of 18 and 29 was boosting education, with the economy being ranked second.
The Pew Research Center’s list of the top 21 policy priorities didn’t include cryptocurrency legislation.
Nevertheless, certain candidates for president on both sides of the political spectrum have made it known where they stand on crypto policy, including Republican contender Ron DeSantis and Democratic contender Robert F. Kennedy Jr.
According to data from the lobbying tracking website OpenSecrets, Cameron and Tyler Winklevoss have donated to both the Republican and Democratic nominees.