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.

What Happened: 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

Why It Matters: The criticism leveled by Winklevoss against the administration coincides with a legal development involving the Securities and Exchange Commission (SEC). 

The SEC had filed a lawsuit against Ripple Labs, alleging that the company and its top executives conducted an 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.

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