Florida Governor Ron DeSantis is making waves in his 2024 presidential campaign with a bold platform focused on “economic independence.” At a campaign event in New Hampshire on July 31, DeSantis reaffirmed his stance on digital currencies, promising to ban central bank digital currencies (CBDCs) if he secures the Republican nomination and wins the presidential race, taking office in 2025. Additionally, he vowed to put an end to what he called U.S. President Joe Biden’s “war on Bitcoin and cryptocurrency.”
While spcific details of the policies he referenced remain unclear, DeSantis suggested they were related to the Federal Reserve. In March 2022, President Biden signed an executive order outlining plans for a regulatory framework for digital currencies. During Biden’s presidency, the Securities and Exchange Commission (SEC) has filed numerous lawsuits against crypto firms, and the Department of Justice (DOJ) has brought criminal charges against prominent figures in the crypto space.
Drawing comparisons to China’s CBDC trials, DeSantis expressed concerns about the U.S. government’s approach to CBDCs. He warned against the potential risks of allowing “unaccountable elites” in the government to handle the rollout of a digital dollar, emphasizing that he would not permit the implementation of a CBDC as president.
New Hampshire, known for hosting the first primary in the national race, serves as a testing ground for U.S. presidential candidates. Although DeSantis faced some challenges after announcing his campaign on Twitter in May, he remains the second most viable Republican candidate, trailing significantly behind former President Donald Trump in various polls. The upcoming state primaries, beginning in January, will be crucial in determining the party candidate, who will be chosen at the Republican National Convention in July 2024.
Cryptocurrencies have become a talking point for both Democratic and Republican candidates in the 2024 presidential election. Robert F. Kennedy Jr., a Democratic candidate currently polling 40-50 points behind Biden, has expressed support for cryptocurrencies like Bitcoin, revealing that he has made several BTC purchases during his campaign. Meanwhile, Miami Mayor Francis Suarez, known for accepting a BTC salary and launching the “MiamiCoin” project, announced his candidacy for the Republican nomination in June.
With the cryptocurrency market gaining increasing attention in the political landscape, investors are keeping a close eye on the candidates’ positions. DeSantis’ strong anti-CBDC stance aligns with the broader crypto community’s preference for decentralized digital currencies. If DeSantis were to become the next president, it could present potential opportunities for investors in the crypto space, particularly in Bitcoin and other cryptocurrencies that prioritize privacy and financial freedom.
As the 2024 presidential election approaches, the cryptocurrency market will likely remain a hot topic, with candidates’ positions shaping regulatory decisions and influencing investor sentiment. Investors should closely monitor developments in the candidates’ campaigns and how they may impact the future of digital currencies and the broader financial landscape.