According to the Winklevoss twins, co-founders of the crypto exchange Gemini, President Joe Biden and the Democratic Party risk losing crucial youth voters due to their perceived “war against crypto.” The twins singled out Senator Elizabeth Warren and Securities and Exchange Commission (SEC) Chair Gary Gensler as key figures contributing to this anti-crypto stance. They believe that such actions could alienate an entire generation of voters and potentially lead to the Democrats losing the 2024 election.
It’s worth noting that the youth voter demographic, aged 18 to 29, is significant for the Democrats, as they tend to lean towards the party. Additionally, this demographic is also the largest group of crypto users or investors. However, the importance of crypto policy relative to other issues for young voters remains unclear. In a Pew survey on policy priorities conducted in January, strengthening the economy and improving education ranked higher than cryptocurrency regulation.
Nevertheless, some presidential nominees from both parties, such as Ron DeSantis (Republican) and Robert F. Kennedy Jr. (Democratic), have expressed pro-crypto stances. The Winklevoss twins have contributed to campaigns for nominees from both the Republican and Democratic parties, as reported by OpenSecrets, a lobbying tracking site.
Overall, the Winklevoss twins argue that the Democratic Party’s anti-crypto stance may lead to the loss of youth voters, but the significance of crypto policy compared to other issues remains uncertain.
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