The Democratic Party’s stance on cryptocurrency could potentially cost them support from critical voters, particularly millennials, according to the Winklevoss twins. As the biggest adopters of cryptocurrency, millennials play a significant role in the party’s electoral base. Cameron Winklevoss, co-founder of cryptocurrency exchange Gemini, recently tweeted that the Democrats’ anti-crypto approach risks alienating an entire generation of young voters. He specifically called out Senator Elizabeth Warren and Gary Gensler, President Biden’s nominee for Chair of the Securities and Exchange Commission, for their negative stance on crypto.
Tyler Winklevoss, Cameron’s twin brother and fellow co-founder of Gemini, echoed these sentiments in his own tweet, stating that the Democrats could lose the 2024 election as a result of their war on crypto. During Gensler’s tenure at the SEC, there has been an increase in enforcement proceedings against the crypto industry. Moreover, Senator Warren has hinted at forming an anti-crypto alliance.
While it is unclear how important crypto policy is to young voters in comparison to other issues, they make up a significant portion of the Democratic base. According to polls from the 2022 midterm elections, 63% of young voters chose Democrats over Republicans. Additionally, research by Pew in April revealed that 28% of Americans aged 18 to 29 have used or invested in cryptocurrencies. This age group also represents the largest demographic of crypto users and investors.
However, Pew’s survey on policy priorities conducted in January did not include cryptocurrency regulation in the top 21 concerns. Strengthening the economy and improving education ranked above it for young voters. Despite this, some presidential candidates from both parties, such as Ron DeSantis and Robert F. Kennedy Jr., have expressed pro-crypto positions.
According to data from the lobbying tracking website OpenSecrets, the Winklevoss twins have donated to both Republican and Democratic nominees. This suggests that they are not aligning themselves exclusively with one party based on crypto policy.
The Democratic Party may need to reconsider its stance on cryptocurrency if it wants to maintain the support of the largest demographic of crypto users and investors, especially considering their potential influence on the 2024 election. alienating young voters who are crucial to the party’s success. The Winklevoss twins’ warnings should not be taken lightly, and it may be necessary for the Democrats to reassess their position on crypto in order to avoid losing critical supporters.