Democrats ‘war on crypto’ will lose its key voters: Winklevoss twins
Young people have been shown to be the biggest crypto adopters that also largely voted for the Democrats in the last election.
United States President Joe Biden and the Democratic Party risk losing its crucial youth voters as a result of its continued “war against crypto," according to the Winklevoss twins.
On June 10, co-founder of the crypto exchange Gemini, Cameron Winklevoss, tweeted the Democrats will “alienate an entire generation” of youth voters due to its war — the same voters that were crucial to winning the previous election.
The @SenWarren and @GaryGensler war against crypto is going to alienate an entire generation of would-be Democrats.
— Cameron Winklevoss (@cameron) June 10, 2023
Winning the youth vote w/ "get out the vote" is key part of Dem playbook.
Dems believe the youth vote will carry the day. pic.twitter.com/F4FQowjCVn
Cameron singled out Senator Elizabeth Warren and President-Biden nominated Securities and Exchange Commission Chair Gary Gensler in particular.
A day later on June 11, Gemini’s other co-founder and Cameron’s twin brother Tyler Winklevoss followed up with his own tweet, claiming Warren and Gensler’s “war” would see Democrats lose the 2024 election.
Roe cost Republicans the mid-terms. The @SenWarren and @GaryGensler war on crypto will cost Dems the 2024 election.
— Tyler Winklevoss (@tyler) June 11, 2023
Gensler’s tenure at the SEC has seen an increase in enforcement actions against the crypto space while Senator Warren has shared indications of building an “anti-crypto army.”
Crypto on the ballot?
On Nov. 5, 2024, a presidential election together with elections for the House of Representatives and the Senate will be held in the U.S. 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 63% of surveyed youth voted for the Democrats, compared to 35% for Republicans.
The same age cohort is also the largest demographic of crypto users or investors with 28% of American 18 to 29-year-olds saying — at some point — they have used or invested in crypto, according to an April report by Pew Research.
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