The Winklevoss twins have recently expressed their concerns regarding the Democratic Party’s seemingly antagonistic stance towards the crypto industry. According to them, this ‘crypto war’ might result in losing the party’s crucial young supporters, a demographic that was key to their success in the previous elections.
Both Cameron and Tyler Winklevoss, co-founders of the Gemini cryptocurrency exchange, took to Twitter to voice their apprehensions. Cameron pointed out that if the Democratic Party, especially figures like Senator Elizabeth Warren and President Biden’s SEC Chair nominee Gary Gensler, continue their current approach towards cryptocurrency, they are likely to estrange a generation of key voters who are also significant crypto users.
Tyler followed up with a prediction of his own, suggesting that this ‘war’ might lead to the Democrats’ downfall in the 2024 elections. He further underscored the increased enforcement actions against the crypto space during Gensler’s tenure at the SEC. He also made note of Senator Warren’s effort to build an ‘anti-crypto army’.
Notably, the 2024 U.S. presidential elections will coincide with elections for the House of Representatives and the Senate. Given the data from the U.S. 2022 midterm elections, the youth vote, comprising individuals aged 18 to 29, is crucial for Democrats. 63% of young voters sided with the Democrats, as opposed to 35% who voted for Republicans.
Interestingly, the same age group is the largest demographic of crypto users or investors. An April report by Pew Research revealed that 28% of Americans aged between 18 to 29 years have at some point used or invested in cryptocurrency.
However, it remains uncertain how critical the issue of cryptocurrency regulation is to these young voters, especially when compared to other pressing issues like improving education or strengthening the economy.
Despite this uncertainty, some presidential candidates from both the political spectrum have been quite forthcoming about their views on crypto policy. Republican hopeful Ron DeSantis and Democratic hopeful Robert F. Kennedy Jr., for instance, have signaled pro-crypto stances.
Historically, the Winklevoss twins have donated to campaigns for nominees from both the Republican and Democratic parties, as per data from the lobbying tracking site OpenSecrets.