The United States presidential elections are round the corner, there are numerous significant issues of campaign formation and manifesto declarations. Where the bipartisan political system includes the Democrats and Republicans making ground for America first and counter China policies, other aspects may be seen as minuscule, holding power and voice and one of those important aspects is cryptocurrency.
There is a silent rebellion between the state and cryptocurrencies where the federal government is controlling the rise of the crypto army in the United States, by levying 30 per cent taxes while the other side is creating a criticizing ground.
Amid the race, according to the Winklevoss twins, United States President Joe Biden and the Democratic Party risk losing its crucial youth voters as a result of their continued “war against crypto.” Gemini co-founder Tyler Winklevoss tweeted that US Senator Elizabeth Warren and SEC chair Gary Gensler’s war on crypto will cost them the 2024 elections just like Roe Vs Wade costed Republicans mid-term. The US SEC just cranked up its crackdown on the crypto industry this month when it filed back-to-back lawsuits against the top two crypto exchanges Binance and Coinbase.
Earlier, Cameron Winklevoss tweeted that Gensler and Warren’s war on crypto is going to alienate an entire generation of would-be Democrats (Dems). Winning the youth vote is a key part of the Dem playbook. Dems believe the youth vote will carry the day.
Cameron and Tyler Winklevoss, also known as the Winklevoss twins, are identical twins who gained public notoriety in 2004 when they sued Facebook founder Mark Zuckerberg, claiming to be the actual creators of Facebook, but failed to win the case.
The Winklevoss twins had an early start in the digital space. Their entrepreneurial spirit led to the successful launch of several endeavors, including a web design company at age 13. They were also part of the United States Olympic Rowing Team in 2008 and continue to be avid rowers.
In 2014, the twins founded the cryptocurrency exchange Gemini, whose operations have since grown to span internationally across Europe, Asia and more. The two reportedly have a combined fortune in the billions and are believed to be among the largest holders of BTC outside of its pseudonymous creator, Satoshi Nakamoto. They’re also two of the earliest Bitcoin holders, reportedly buying 1% of all Bitcoin in existence during the cryptocurrency’s early years.
The clash of stance on cryptocurrencies and other digital assets is an ideological tussle between the Democrats and Republicans where the former is causing impediments in increasing the avenue and scope of cryptos while the Republicans are trimming the taxes in the ruling states.
Cryptocurrencies are playing a pivotal role in US elections this time, where it is also seen that runners in presidential elections are accepting donations in cryptocurrencies. For example, Republican Presidential candidate Vivek Ramaswamy made headlines as he became the second candidate in the upcoming 2024 US Presidential elections to accept campaign donations through Bitcoin.
Ramaswamy announced his decision during his speech at the Bitcoin 2023 conference in Miami, where he also called upon his supporters to make the upcoming election a referendum on fiat currency. It is crucial to note that according to a report published by Coinbase, approximately 66 million Americans (or 20% of the entire population) own digital assets. Therefore, Republicans at this speck hour cannot neglect cryptocurrency and related aspects.
