Some industry analysts predict that an intensifying crypto crackdown could cost Democrats the upcoming 2024 elections in the U.S. The Gemini founders believe the current administration’s actions could dissuade young people from voting for the blue party.
Tyler Winklevoss tweeted that the Republican party’s position on abortion cost it the mid-term elections. Similarly, the Democratic Party’s approach to cryptocurrency regulation could have significant political ramifications in the 2024 elections.
Wooing Young Voters in 2024 Elections
It implies that the Democratic position on the crypto issue could be unpopular with voters. Gemini co-founder Cameron Winklevoss further suggests that the Democratic ‘war against crypto’ will alienate a whole generation of young people who might otherwise support the Democratic Party.
His tweet makes the case that Senator Warren and SEC Chairman Gary Gensler best represent the Democratic Party’s stance on cryptocurrency regulation. Meanwhile, numerous studies have demonstrated that specific demographic groups have historically favored the Democratic Party. These important demographic groupings comprise young people, women, and people of color.
Democratic ‘War Against Crypto’ May Alienate Young Voters
The Democratic Party received a clear advantage in the youth vote for the U.S. House of Representatives in 2022. According to reports, the outcomes align with the midterm outcomes from 2020 and 2018.
Edison Research data found that Democrats were supported by 63% of young voters between the ages of 18 and 29. Republicans were supported by 35% at the time, giving Democrats a 28-point lead.
Cameron Winklevoss states, “Crypto has already won the hearts and minds of Millennials and GenZ.”
According to Paxful’s 2021 data, the age group between 25 and 33 years old accounted for the highest percentage of traffic on the platform at 32.76%. Additionally, 32.21% of all traffic comprised people between 18 and 24. Millennials and Gen Z made up more than 64% of Paxful’s overall traffic.
Furthermore, the Blockchain Capital Blog reports that adults aged 18 to 34 exhibit the highest awareness of Bitcoin, at a rate of 90%.
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Winklevoss offers two reasons for the Democratic action, despite the significant association between young voters and cryptocurrency. The executive contends that the “blue establishment” is ignorant of the effects of Senator Warren’s and SEC Chairman Gensler’s decisions regarding cryptocurrency regulation. He also suggests that the Democrats may not have accurately predicted how these policies may affect young voters in the upcoming election cycle.
He noted, “They may not care about crypto, but they will care about the lost votes.”
Crypto Acceptance Could Shape 2024 Elections
According to Reuters, a number of Republican candidates are vying for their party to take on Democratic incumbent President Joe Biden in the 2024 U.S. Presidential Elections. In addition to former U.S. President Donald Trump, at least seven more names are making party news. Additionally, two other contenders are vying to unseat Biden as the Democratic Party’s nominee on the Democratic side.
Recently, Republican presidential candidate Vivek Ramaswamy demonstrated his support for cryptocurrencies by accepting donations in Bitcoin. Robert Kennedy Jr., who is running for the Democratic Party candidature, has embraced cryptocurrency. Kennedy has notably received support from Jack Dorsey, the former CEO of Twitter.
That said, tech investor and analyst Balaji Srinivasan also said the 2024 U.S. presidential election could be referred to as the “first Bitcoin election,” given its prominence. Srinivasan compares it to the 2016 election, which he calls the “first Twitter election.” He is underlying the influence of Twitter in shaping the outcome. The May tweet further speculates about potential events leading up to the 2024 election, including the possibility of a U.S. sovereign default and a fiat crisis.
Overall, Srinivasan underscores the potential significance of Bitcoin in the 2024 election on the back of issues of financial sovereignty, censorship resistance, and personal control over wealth.
Crypto Twitter Gaining Steam
According to analysis from Fox News, ‘Crypto Twitter’ is gaining steam ahead of the elections. It mentions that over 1 billion tweets about crypto were made between 2020 and 2022. The piece highlights a recent Twitter Spaces event where Florida Governor Ron DeSantis, a Republican presidential candidate, launched his campaign in a town hall-style discussion with Elon Musk and tech entrepreneur David Sacks.
Meanwhile, the U.S. Securities and Exchange Commission (SEC) is intensifying regulation efforts in the cryptocurrency sector. A total of 760 enforcement actions were brought by the SEC in fiscal year 2022, an increase of 9% from the year before. This shows that the SEC is addressing potential violations in the cryptocurrency market in a more proactive manner.
Furthermore, in May 2022, the SEC announced the expansion of its Crypto Assets and Cyber Unit by adding 20 positions. This move effectively doubled the unit’s staffing, indicating the SEC’s commitment to addressing cybersecurity concerns.
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