Cameron Winklevoss, co-founder of Gemini, a crypto exchange, has warned that the regulatory crackdown on cryptocurrencies in the US could alienate an entire generation of would-be Democrats. According to a CNN analysis, the Democratic party would have lost the 2022 Presidential election without the support of young voters. Therefore, the party needs to secure the support of millennials, GenZ, and potential Democrats if they want to win the next election.
The War Against Crypto
Winklevoss has criticized the anti-crypto stance of Democratic party senator Elizabeth Warren and the Securities and Exchange Commission (SEC) chair Gary Gensler, calling it a “war against crypto.” Last week, the SEC sued two of the largest crypto exchanges, Binance and Coinbase. This stance could put off millennial and GenZ voters who have embraced cryptocurrencies, warns Winklevoss.
The Hearts and Minds of Young Voters
Winklevoss notes that crypto has already won the hearts and minds of millennials and GenZ. They don’t debate the merits of crypto but instead debate where and what to build next. Millions have put their life savings into cryptocurrencies, and they won’t forget the value destruction Warren and Gensler have caused. The Democrats either don’t 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. They may not care about crypto, but they will care about the lost votes, warns Winklevoss.
The Potential Consequences for the Democratic Party
The regulatory clampdown on cryptocurrencies could have significant consequences for the Democratic party. It risks losing the support of young voters who have embraced cryptocurrencies and are concerned about their value destruction. Winklevoss warns that the Democrats need to understand the importance of crypto for young voters and the potential impact of their actions on the youth vote in the next election. If they fail to do so, they risk alienating an entire generation of would-be Democrats and losing the 2022 Presidential election.