Winklevoss Slams Biden’s ‘War On Crypto,’ Alienating Youth

Cameron Winklevoss, co-founder of crypto exchange Gemini Trust Co., attends the cryptocurrency conference Bitcoin 2021 Convention at the Mana Convention Center in Miami, Florida, on June 4, 2021. (MARCO BELLO/AFP via Getty Images)

Cameron Winklevoss, co-founder of cryptocurrency exchange Gemini, lashed out at the Biden administration’s “War on Crypto,” stating that it has alienated the younger demographic by attacking their financial interests.

US President Joe Biden steps off Marine One upon return to the White House in Washington, DC on July 13, 2023. Biden returned to Washington after a 5-day trip that took him to Britain, Lithuania, and Finland. (MANDEL NGAN/AFP via Getty Images) 

Winklevoss and his twin brother, Tyler, are known for their lawsuit against Meta Platforms CEO Mark Zuckerberg over breaking an oral contract and stealing their idea. The twins and their classmate Diyva Narendra founded ConnectU as a social media platform that was similar to Facebook.

The story between Winklevoss twins and Zuckerberg was featured in the movie, The Social Network (2010) starring Jesse Eisenberg and Justin Timberlake, that resulted in Zuckerberg losing his lawsuit and ordered by the court to pay the fine.

In a tweet on Thursday, Winklevoss said, “You can’t expect to win the youth vote when you attack their money.”

This criticism comes amid a recent poll conducted by The Economist and YouGov reveals that 2024 Democratic presidential contender Robert F. Kennedy Jr. has higher favorability ratings than both President Joe Biden and former President Donald Trump. 

“The Biden administration really screwed the pooch with their War on Crypto. You can’t expect to win the youth vote when you attack their money,” said Winklevoss in a tweet.

Fox anchors Steve Doocy, Ainsley Earhardt and Brian Kilmeade interview Democratic presidential candidate Robert F. Kennedy Jr. during “Fox & Friends” at Fox News Channel Studios on July 14, 2023, in New York City. Winklevoss endorsed Kennedy for the Democratic primary. (John Lamparski/Getty Images)

The criticism leveled by Winklevoss against the administration coincides with a legal development involving the Securities and Exchange Commission. 

The SEC had filed a lawsuit against Ripple Labs, alleging that the company and its top executives conducted unregistered securities offering amounting to $1.3 billion. However, in a significant blow to the SEC’s case, a court ruling determined that XRP (CRYPTO: XRP), the cryptocurrency in question, does not qualify as a security.

Winklevoss on Thursday tweeted that the SEC is a “failed institution.” 

“They completely missed Celsius (whose founder was indicted on criminal charges this morning) and took a big L in the Ripple case (XRP is NOT a security). They don’t know where to swing, and when they do, they strike out. It’s time for Congress to cut their enforcement budget and instruct them to stick to guidance and rulemaking,” he added.

Kennedy recently spoke at a Bitcoin conference in Miami, Florida where he endorsed the future of cryptocurrency. He stated he doesn’t own any form of cryptocurrency.

Produced in association with Benzinga

Edited by Alberto Arellano and Joseph Hammond