Democrats Risk Losing Crucial Youth Voters in Their Stance Against Crypto, Warn Winklevoss Twins
The Democratic Party’s ongoing “war on crypto” may result in a significant loss of support from young voters, who are both the biggest adopters of cryptocurrency and a key demographic that largely supported Democrats in the previous election, caution the Winklevoss twins.
Cameron Winklevoss, the co-founder of Gemini, a prominent cryptocurrency exchange, took to Twitter on June 10 to express his concern that the Democrats’ anti-crypto stance would “alienate an entire generation” of vital youth voters. He specifically called out Senator Elizabeth Warren and Gary Gensler, the nominee for the Securities and Exchange Commission Chair appointed by President Joe Biden.
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
Tyler Winklevoss, Cameron’s twin brother and co-founder of Gemini, echoed these sentiments in a tweet on June 11, asserting that Warren and Gensler’s perceived “war” on crypto would lead to the Democrats’ defeat in the 2024 election.
Under Gensler’s leadership at the SEC, there has been an increase in regulatory actions targeting the crypto industry, while Senator Warren has exhibited signs of assembling an “anti-crypto army.”
— Tyler Winklevoss (@tyler) June 11, 2023
With the upcoming presidential election on November 5, 2024, which also includes races for the House of Representatives and the Senate, the Democrats cannot afford to overlook the significance of youth voters. In the 2022 midterm elections, 63% of surveyed young voters, aged 18 to 29, cast their ballots in favor of Democrats, compared to 35% for Republicans, making them a crucial voting bloc.
Coincidentally, this same age group represents the largest portion of crypto users and investors, with a Pew Research report from April revealing that 28% of Americans aged 18 to 29 have engaged with or invested in cryptocurrencies at some point.
However, it remains unclear how vital crypto policy is to young voters in comparison to other pressing issues. A January survey by Pew on policy priorities, conducted before the banking crisis in March, indicated that strengthening the economy took precedence for individuals aged 18 to 29, ranking second after improving education. Notably, cryptocurrency regulation did not make it into the top 21 policy items listed in the survey.
Nevertheless, certain presidential candidates from both sides of the political spectrum have made their positions on crypto policy clear. Republican hopeful Ron DeSantis and Democratic contender Robert F. Kennedy Jr., for instance, have expressed pro-crypto views.
It is worth noting that the Winklevoss twins have made contributions to campaigns for both Republican and Democratic nominees, as indicated by data from OpenSecrets, a lobbying tracking site.