Key Points

  • Democratic leaders in the United States seem to be forming a fight against crypto
  • Winklevoss twins believe that the move by these lawmakers might see them losing critical votes in 2024
  • The crypto community keeps feeling undermined in the U.S. and is weighing its options

Winklevoss twins believe that Democrats are on track to miss out on crypto votes

Winklevoss twins believe that Democrats are on the wrong side of crypto regulation, which may make them lose key votes in 2024. The two crypto investors believe that the ongoing ‘crypto crackdowns’ and open show of dissatisfaction with crypto innovations led by Democrats might make many voters favor their opponents.

One of the Winklevoss twins, Cameron, tweeted on June 11 calling out Senator Elizabeth Wallet for her continued pressure to call for an ‘army’ to rise against crypto. He quoted an article from CNN that states, “Democrats would have gotten crushed this election without young voters.”

In his claims, Cameron says that young voters are most likely involved or interested in the crypto innovation, which makes it a poor choice for Democrats to go to war with the industry. Cameron said that Warren and Gary Gensler going after crypto with prejudice would align an entire generation of would-be Democrats.

Soon after, his twin Tyler tweeted that Warren and Gary Gensler would cost Democrats their positions in 2024.

These tweets by the Winklevoss twins come at a time when SEC’s Gary Gensler says he does not think the U.S. needs any more crypto assets. He added that he believes crypto is built on non-compliance, saying it doesn’t want to comply with set rules like securities laws.

His comments come when he seeks to give the SEC control over 60+ crypto assets claiming they are securities. The regulators are already suing Binance and Coinbase regarding trading assets in its 60+ list in the U.S. without its clearance. It also has a court battle going on with Ripple over XRP.

These efforts by the SEC to make the market ‘safer’ for American investors have been received by a rather unhappy crypto industry. Some people call for the community to pull efforts and challenge the regulator in court, while others warn of companies leaving the U.S., which is already happening with Bittrex and Coinbase looking for offshore crypto-friendly destinations. 

As such, crypto is expected to be a major weighing point in the upcoming 2024 elections, making it necessary for Democrats to switch sides per Winklevoss twins. Keep watching Fintech Express for updates on crypto regulation and other fintech-related news and developments.