The Winklevoss twins have recently made some bold claims, stating that the Democratic Party’s perceived “war on crypto” could potentially cost them key voters in the upcoming elections. As young people make up a significant portion of cryptocurrency adopters and largely supported the Democrats in the previous election, alienating this group could have notable consequences for the party.
Cameron Winklevoss, co-founder of the cryptocurrency exchange Gemini, called out Senator Elizabeth Warren and President Biden-nominated Securities and Exchange Commission (SEC) Chair Gary Gensler in one of his recent tweets. He claims that their actions against the cryptocurrency industry will lead to an entire generation of young voters feeling alienated by the Democratic Party.
The concern comes as Gensler’s tenure at the SEC has seen an increase in enforcement actions against the crypto sphere, while Senator Warren appears to be building an “anti-crypto army.” With a crucial presidential election, along with elections for the House of Representatives and the Senate, set to take place on November 5, 2024, the potential loss of support from this key voting demographic could be significant.
In the U.S. 2022 midterm elections, data showed that 63% of surveyed youth voters (aged 18 to 29) supported the Democrats, while 35% backed Republicans. Interestingly, the same age group is also the largest demographic of cryptocurrency users or investors, with 28% of American 18 to 29-year-olds claiming to have used or invested in digital currencies at some point.
However, it is unclear how important cryptocurrency policy may be to young voters compared to other pressing issues. While strengthening the economy and improving education ranked high on their list of concerns, cryptocurrency regulation did not make it into the top 21 policy items as surveyed by Pew Research.
While it is uncertain how much of an impact the Democrats’ stance on cryptocurrency may have on the elections, it is worth noting that arguments have been made on both sides of the political aisle regarding crypto policy. For example, Republican hopeful Ron DeSantis and Democratic hopeful Robert F. Kennedy Jr. have signaled pro-crypto stances.
As the political landscape continues to evolve and the role of cryptocurrencies grows more prominent, it will be interesting to see if the Democrats’ approach to the industry will change to appeal to younger generations or if other parties will capitalize on their potential discontent.
Source: Cointelegraph
