The Winklevoss twins, co-founders of the crypto exchange Gemini, have warned that the Democrats’ hostile approach to crypto regulation could backfire and hurt their chances of winning the 2024 presidential elections.
They also argued that the Democrats risk losing the support of young voters, the biggest crypto adopters, and a key party demographic.
The Democrats’ Anti-Crypto Stance
The Winklevoss twins identified Senator Elizabeth Warren and SEC Chair Gary Gensler as the main culprits of the Democrats’ war on crypto.
Warren has been vocal in her criticism of crypto, calling it a haven for criminals, a threat to the environment, and a source of financial instability. She has also urged Gensler to take action against crypto exchanges and stablecoins.
Gensler, appointed by President Joe Biden, has been ramping up his regulatory scrutiny of the crypto industry.
In the past week, he has filed lawsuits against Coinbase and Binance, two of the largest crypto exchanges in the world, for allegedly violating securities laws.
He has also expressed skepticism about decentralized finance (DeFi) and called for more congressional authority to regulate cryptocurrency.
The Impact on Youth Vote
The Winklevoss siblings claimed the Democrats’ crypto war alienates a generation of would-be Democrats. They cited a CNN article that credited younger Americans for the strong Democratic performance in the 2018 midterm elections.
According to the article, Democratic House candidates gained 13 points among voters under 45 while losing 10 points among voters aged 45 and older.
The twins suggested that this trend could reverse in the next elections, as many Millennials and Gen Z are crypto supporters and have invested their life savings.
Additionally, they said these voters would not overlook the value destruction Warren and Gensler caused.
“They don’t debate the merits of crypto. They debate where and what to build next. And millions have put their life savings into crypto. They won’t forget the value destruction Warren and Gensler have caused,” Cameron Winklevoss tweeted.
Tyler Winklevoss compared the situation to Roe v. Wade, the landmark Supreme Court case that legalized abortion in 1973. He said that Roe v. Wade cost Republicans the midterms and that the war on crypto will cost Democrats the 2024 election.
