The CEO of crypto exchange BitGo, Mike Belshe, is offering his opinion on why a spot Bitcoin (BTC) exchange-traded fund (ETF) has yet to be approved by the U.S. Securities and Exchange Commission (SEC). In a new interview on Kitco News, Belshe says politics are playing a major role as to why there’s no spot-based […]
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Federal prosecutors have reportedly accused disgraced former FTX head Sam Bankman-Fried of stealing customer funds to make political campaign donations. According to a new Reuters report, federal prosecutors are accusing Bankman-Fried of making $100 million worth of political campaign contributions ahead of the 2022 U.S. midterm elections by using customer funds. As quoted by Reuters, […]
The post Sam Bankman-Fried Accused of Stealing Customer Funds To Use for Political Campaign Donations: Report appeared first on The Daily Hodl.
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.
— Cameron Winklevoss (@cameron) June 10, 2023
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 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.”
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?
After the disgraced co-founder of FTX, Sam Bankman-Fried (SBF), donated $5.2 million to Joe Biden’s campaign in 2020 and more than $40 million to Democrats leading up to the U.S. midterm election cycle, three major Democratic organizations plan to return 2.2% of the funds, or $1 million, to the now-defunct crypto exchange. Of the total […]