Winklevoss Twins Warn That Tough Crypto Actions Would Cost Democrats the 2024 Presidential Elections

The U.S. Securities and Exchange Commission (SEC) has recently initiated a major crackdown in the crypto industry filing lawsuits against some of the top crypto exchanges such as Coinbase and Binance.

As the SEC has created quite a hostile environment for companies to operate in America, they have now been looking to set up base at overseas destinations. Cameron Winklevoss, the co-founder of crypto exchange Gemini, believes that the regulatory war against crypto industry could cost the democrats the 2024 presidential elections.

He said that the regulatory action would also alienate individuals who have been voting for Democrats. Cameron Winklevoss believes that youth votes are absolutely critical for the wind the Democrats know that the younger generation would decide the outcome of the win.

Cameron’s twin brother Tyler also added that Senator Warren’s and Gary Gensler’s war on the crypto industry will completely dent the next year’s election plans similar to Wade and Roe dented the mid-term elections of Republicans.

On the other hand, the Winklevoss twins have been planning to move crypto exchange Gemini out of the United States. Last month, the twins chose Dublin as their European headquarters.

However, they haven’t entirely given up hopes for the US market. He Winklevoss twins added that they would continue to fight for greater inclusion in the US crypto market and thus, they would continue to defend the crypto community in the States.

Amid the recent high-handed action, the SEC continues to face heavy criticism. The Winklevoss twins are not the alone to criticize the current regime and the appointed lawmakers.

During his recent interview on Sunday, June 11, with the Wall Street Journal, Coinbase CEO Brian Armstrong stated that he’s looking forward to changes in the US regulatory policies after the 2024 Presidential elections. Hinting at the hope of a regime change, Armstrong added that the Republican Party is much more crypto-friendly.

However, Armstrong added that even though they decide to set a footprint in the overseas market, they won’t be abandoning the US market at any point in time.

In another development, the Hong Kong regulator has invited Coinbase and other crypto exchanges to set up base in the region. Johnny Ng, the legislative council member of the Hong Kong legislator showed his intent to extend support and assistance to all “global virtual asset trading operators” like Coinbase.

In his Twitter message, Johnny Ng wrote: “I hereby offer an invitation to welcome all global virtual asset trading operators  including @coinbase to come to HK for application of official trading platforms and further development plans. Please feel free to approach me and I am happy to provide any assistance”.