Winklevoss twins say Democrats’ ‘war on crypto’ will lose key voters.

The Winklevoss twins have warned that United States President Joe Biden and the Democratic Party’s “war against crypto” could result in losing crucial youth voters. On June 10, Cameron Winklevoss, the co-founder of crypto exchange Gemini, tweeted that the Democrats’ anti-crypto stance would “alienate an entire generation” of crucial youth voters. Cameron specifically singled out Senator Elizabeth Warren and Securities and Exchange Commission Chair Gary Gensler, who were also criticized by Tyler Winklevoss a day later. Tyler claimed that Warren and Gensler’s “war” on crypto would cost Democrats the 2024 election. Gensler’s term as SEC Chair has seen increased enforcement actions against the crypto space, while Warren has shared indications of building an “anti-crypto army.”

Crypto on the ballot?

A presidential election, together with elections for the House of Representatives and the Senate, will be held in the U.S. on Nov. 5, 2024. All 435 seats in the House are up for grabs along with 34 out of 100 spots in the Senate. Youth voters aged 18 to 29 are a major voting bloc for the Democrats. Data from the U.S. 2022 midterm elections show that 63% of surveyed youth voted for the Democrats, compared to 35% for Republicans. This same age group is also the largest demographic of crypto users or investors, with 28% of Americans aged 18 to 29 years old stating that they have used or invested in crypto at some point, according to an April report by Pew Research. However, it is unclear how important crypto policy is 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 did not make the list of the top 21 policy items 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 Winklevoss twins have contributed to campaigns for both Republican and Democratic nominees, according to data from the lobbying tracking site OpenSecrets.

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