The crypto crackdown will alienate ‘would-be Democrats’: Cameron Winklevoss
The Democrats will need the support of young voters in the next election but their anti-crypto stance will alienate voters, Winklevoss said.
The regulatory clampdown on crypto in the U.S. will “alienate an entire generation of would-be Democrats,” Cameron Winklevoss, the co-founder of crypto exchange Gemini, tweeted on June 11.
The Democratic party would have lost the 2022 Presidential election without support from young voters, according to a CNN analysis. Therefore, securing young voters’ support, including millennials, GenZ, and potential Democrats, is crucial if the party wants to win the next election.
But Democratic party senator Elizabeth Warren and Securities and Exchange Commission (SEC) chair Gary Gensler are waging a “war against crypto,” Winklevoss tweeted. Last week, the SEC sued two of the largest crypto exchanges, Binance and Coinbase.
Warren and Gensler’s anti-crypto stance will put off millennial and GenZ voters who have embraced crypto, Winklevoss noted. He added:
“Crypto has already won the hearts and minds of Millennials and GenZ. 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.”
Winklevoss explained that the Democrats either do not understand what is happening with Warren and Gensler or they are “grossly miscalculating” the impact of their actions on the youth vote in the next election.
He added: “They may not care about crypto, but they will care about the lost votes.”