US politics

Young people have been shown to be the biggest crypto adopters that also largely voted for the Democrats in the last election.

United States President Joe Biden and the Democratic Party risk losing its crucial youth voters as a result of their continued “war against crypto," according to the Winklevoss twins.

On June 10, the co-founder of the crypto exchange Gemini, Cameron Winklevoss, tweeted the Democrats will “alienate an entire generation” of crucial youth voters due to their anti-crypto stance.

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. pic.twitter.com/F4FQowjCVn

— Cameron Winklevoss (@cameron) June 10, 2023

Cameron singled out Senator Elizabeth Warren and President Biden-nominated Securities and Exchange Commission Chair Gary Gensler in particular.

A day later, on June 11, Gemini’s other co-founder and Cameron’s twin brother, Tyler Winklevoss, followed up with his own tweet, claiming thaWarren and Gensler’s “war” would see Democrats lose the 2024 election.

Roe cost Republicans the mid-terms. The @SenWarren and @GaryGensler war on crypto will cost Dems the 2024 election.

— Tyler Winklevoss (@tyler) June 11, 2023

Gensler’s tenure at the SEC has seen an increase in enforcement actions against the crypto space, while Senator Warren has shared indications of building an “anti-crypto army.”

Crypto on the ballot?

On Nov. 5, 2024, a presidential election together with elections for the House of Representatives and the Senate will be held in the U.S. All 435 seats in the House are up for grabs along with 34 out of 100 spots in the Senate.

Youth voters — aged 18 to 29 — are a major voting bloc for the Democrats. Data from the U.S. 2022 midterm elections show 63% of surveyed youth voted for the Democrats, compared to 35% for Republicans.

The same age cohort is also the largest demographic of crypto users or investors, with 28% of Americans aged 18 to 29 years old saying — at some point — that they have used or invested in crypto, according to an April report by Pew Research.

Related: 'Near impossible to know' what is and isn't a security: Mark Cuban on SEC

What’s unclear, however, is the importance of crypto policy to young voters, relative to other issues.

In a Pew survey on policy priorities conducted in January — before the banking crisis in March — the top issue was strengthening the economy which for those aged 18 to 29 came second to improving education.

Cryptocurrency regulation didn’t make the list of the top 21 policy items as surveyed by Pew.

Regardless, some presidential nominees from both sides of the political aisle have made their stances on crypto policy clear, such as Republican hopeful Ron DeSantis and Democratic hopeful Robert F. Kennedy Jr., who have signaled pro-crypto stances.

Cameron and Tyler Winklevoss have contributed to campaigns for both Republican and Democratic nominees, according to data from the lobbying tracking site OpenSecrets.

Magazine: Crypto regulation — Does SEC Chair Gary Gensler have the final say?