Winklevoss twins have cautioned the Democratic Party about the potential consequences of their aggressive stance on crypto regulation, emphasizing the risk of alienating young voters and losing crucial support in future election cycles.
In a series of tweets on June 10, Cameron Winklevoss, the co-founder of the cryptocurrency exchange Gemini, criticized US Senator Elizabeth Warren and SEC Chair Gary Gensler for their efforts to undermine the crypto industry, warning that their actions may have dire implications for the Democratic party.
The following day, Tyler Winklevoss, Cameron’s twin brother and co-founder of Gemini, echoed his sentiments in a tweet, predicting that the Democrats would lose the 2024 election due to the “war” initiated by Warren and Gensler against the crypto industry.
Cameron Winklevoss highlighted the significant influence of cryptocurrencies among Millennials and Gen Z, stating that the younger generation has already embraced the value of digital assets.
Winklevoss further argued that these voters are not interested in debating the merits of crypto and will not forget the negative impact caused by Warren and Gensler.
Regulatory backfire concerns over crypto
The twins, who are long-time Bitcoin advocates, expressed concerns that the current regulatory environment could backfire on the Democratic Party. They referred to a CNN headline from 2022, which highlighted the party’s success in the previous elections, primarily attributed to the support of young voters.
According to Winklevoss, the actions of Warren and Gensler might jeopardize this support in the upcoming election cycle.
While Warren has been known for her strong opposition to cryptocurrencies, accusing the technology of aiding criminal activities, not all Democrats share the same anti-crypto sentiment. Robert Kennedy Jr., a Democratic presidential candidate, has shown support for Bitcoin and recently spoke at a Bitcoin conference.
In contrast, Republicans have generally displayed a more favorable attitude toward cryptocurrencies. Figures such as Wyoming Senator Cynthia Lummis, known as the “Bitcoin Senator,” and Republican House Majority Whip Tom Emmer have championed the potential of digital assets.
Furthermore, Florida Governor Ron DeSantis, a Republican presidential candidate, has even banned Central Bank Digital Currencies (CBDCs) in his state, arguing that they pose a significant threat to the financial freedom of Americans.
Recent data from Coinbase reveals that approximately 66 million Americans, or around 20% of the population, own digital assets. Winklevoss argues that while these individuals may not currently prioritize crypto-related matters, they will certainly take notice if their favored party disregards their support.
