Could crypto-legislation sway election campaigns?

The Democratic Party in the United States is going to “alleviate an entire generation” of would-be voters, according to the Winklevoss twins. The twins, behind the cryptocurrency exchange, commented that the anti-cryptocurrency stance that current president Joe Biden and the Democratic Party hold could run the risk of turning the younger voters away.

Cameron Winklevoss tweeted that the “war against crypto” is setting up the possible risk of losing the vote of the younger generation, pointing to Senator Elizabeth Warren Securities and Exchange Commission (SEC) Chair Gary Gensler as the key reason:

The @SenWarren and @GaryGensler war against crypto is going to alienate an entire generation of would-be Democrats.

Winning the youth vote w/ “get out the vote” is key part of Dem playbook.
Dems believe the youth vote will carry the day.

With Gensler at the helm of the SEC, there has been a rise in restrictions against cryptocurrency, with particular action taken against crypto exchanges. Over the last few months, leading crypto exchanges in the United States have been suspending services and expanding across the world to avoid the “anti-crypto” legislation and requirements.

His twin, Tyler Winklevoss, weighed in on the matter with a similar take, stating that the Senator and SEC Chair will cost the Democratic Party the 2024 election with their anti-cryptocurrency approach.

The Winklevoss twins have a vested interest in the crypto space in the country, having founded one of the country’s leading platforms. However, according to data and looking at the demographics of voters in the United States, stricter regulation against cryptocurrency could indeed harm a presidential campaign.

According to data from the United States 2022 midterm elections, younger voters from 18 and younger than 40 are more likely to vote for the Democrats. At the same time, Gen Z and Millennials (from 18 to 40) are those that are buying cryptocurrency the most. Whether or not this will play out in the election remains to be seen.

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