Winklevoss brother claims that the anti-crypto stance could cost Democrats the 2024 election.
With the United States Democrats taking an increasingly antagonistic stance against cryptocurrencies, their relationship with their youthful electorate hangs in the air, suggest the Winklevoss brothers, founders of the Gemini cryptocurrency exchange.
In a tweet dated June 10th, Cameron Winklevoss proposed that the Democratic party's lack of support for cryptocurrencies would potentially disengage an invaluable demographic of youthful voters.
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In particular, the man criticized the US Securities and Exchange Commission (SEC) chair, Gary Gensler, and Senator Elizabeth Warren.
Cameron's twin, Tyler Winklevoss, echoed his brother's sentiments in a tweet from June 11th. He suggested that the ongoing crypto resistance from Gensler and Warren could lead to the Democrats losing the 2024 elections.
During Gensler's time at the SEC, he has escalated enforcement actions on cryptocurrency entities. Meanwhile, Senator Warren has shown signs of consolidating an anti-cryptocurrency stance.
The forthcoming elections in November 2024, including the presidential race and elections for the House of Representatives and the Senate, could be influenced by these developments.
Youthful voters, individuals aged 18-29, form a significant portion of the Democratic party's support base. Based on the US 2022 midterm election data, 63% of this age group chose Democrats, as opposed to 35% who supported Republicans.
This age group also represents the majority of cryptocurrency users and investors. According to an April report by Pew Research, 28% of Americans within the 18-29 age range admitted to having invested in or used cryptocurrencies.
It is worth noting that the upcoming elections are not completely anti-crypto. Republican Ron DeSantis and Democrat Robert F. Kennedy Jr. revealed that they will accept Bitcoin (BTC) donations.
This potential disconnect between the Democrats' stance and the growing youthful interest in cryptocurrency paints a critical picture. As the elections loom, the party might need to reassess its position on digital assets or risk losing the loyalty of an influential demographic.
