Last Updated: 1 August 2023
In a recent campaign event held in New Hampshire, Florida Governor Ron DeSantis, a Republican candidate in the 2024 presidential race, outlined his stance on digital currencies and vowed to end President Joe Biden’s perceived “war on Bitcoin and cryptocurrency” if he wins the presidency. DeSantis, who has based part of his platform on “economic independence,” strongly opposed the introduction of Central Bank Digital Currencies (CBDCs) and criticized the Federal Reserve’s potential involvement in such initiatives. This article delves into the details of DeSantis’ position, comparing it to other candidates’ views on cryptocurrencies.
Ron DeSantis’ Pledge to Ban CBDCs and Protect Cryptocurrencies
At the campaign event in New Hampshire on July 31, 2023, Ron DeSantis reiterated his commitment to safeguarding the future of cryptocurrencies, particularly Bitcoin, and pledged to put an end to CBDC implementation in the United States if he becomes president. He expressed concerns over the government’s plan for a CBDC, comparing it to China’s digital yuan trials, and argued that an unaccountable elite should not be entrusted with such significant monetary developments.
President Biden’s Regulatory Efforts and DeSantis’ Opposition
DeSantis’ reference to President Biden’s “war on Bitcoin and cryptocurrency” seems to stem from actions taken by the Biden administration regarding digital currencies. In March 2022, Biden signed an executive order to establish a regulatory framework for cryptocurrencies. The Securities and Exchange Commission (SEC) has also been involved in legal proceedings against some crypto firms during Biden’s tenure, with criminal charges brought against high-profile figures like former FTX CEO Sam Bankman-Fried and former Celsius CEO Alex Mashinsky. These actions appear to have fueled DeSantis’ concerns about the government’s intentions towards cryptocurrencies.
Comparison to China’s CBDC Trials
Drawing parallels to China’s digital yuan trials, DeSantis raised apprehensions about the direction the U.S. government might take with a CBDC. He voiced skepticism about the potential consequences of a cashless society and the elimination of cryptocurrencies, citing the need to preserve the freedom and privacy that decentralized currencies provide.
DeSantis’ Standing in the Republican Race
Despite facing a rocky start since announcing his presidential campaign on Twitter in May, Governor Ron DeSantis is considered the second most viable Republican candidate, according to various polls. However, he still trails significantly behind the twice-impeached former president and federally indicted candidate Donald Trump. DeSantis and Trump are expected to face off in state primaries starting in January, leading up to the Republican National Convention in July 2024, where the party’s candidate will be decided.
Other Candidates’ Positions on Cryptocurrencies
On the Democratic side, Robert F. Kennedy Jr., a candidate polling far behind President Biden, has expressed pro-crypto views throughout his campaign, even disclosing multiple Bitcoin purchases. Meanwhile, Miami Mayor Francis Suarez, a Republican contender, has actively embraced cryptocurrencies by accepting a Bitcoin salary for his position and supporting the launch of the “MiamiCoin” project.
Governor Ron DeSantis’ 2024 presidential campaign has highlighted his strong opposition to CBDCs and commitment to protect Bitcoin and other cryptocurrencies from what he perceives as a potential government crackdown. As the race for the Republican nomination intensifies, DeSantis’ stance on digital currencies adds a significant element to the debate surrounding the future of monetary policy and financial innovation in the United States. As the candidates vie for support in state primaries, their positions on cryptocurrencies are likely to continue being a subject of keen interest for voters and investors alike.
As the 2024 presidential race unfolds and candidates like Governor Ron DeSantis take firm positions on cryptocurrencies, investors are closely monitoring the potential impact of these policy stances on the financial markets. With the future of monetary policy and financial innovation in the United States hanging in the balance, platforms like Bitcoin Rejoin and BitQT offer investors the opportunity to navigate the exciting and dynamic world of cryptocurrencies with ease and convenience. These user-friendly platforms provide access to a wide range of digital assets, enabling investors to capitalize on market opportunities as the political landscape evolves.