Republican Presidential hopeful and Florida Governor Ron DeSantis has called out President Biden’s so-called “war” on Bitcoin and cryptocurrencies.
He promised to end the current administration’s policies that stifle growth and development in the crypto sector.
DeSantis Blasts Biden’s “War” On Bitcoin And Cryptocurrencies
The Governor’s statements came during a campaign event held on Monday in New Hampshire where he proposed his national economic policies for 2024 and beyond.
DeSantis also added that under his administration, Americans “will be allowed to invest in things like Bitcoin and cryptocurrency”, and it will be voluntary where no government institution will force people to do it or not.
“If you want to do it, you can do it”, said the incumbent Florida Governor.
Although the Presidential candidate is trying to woo crypto evangelists, his declarations are a fair bit misleading. Biden himself has not taken any direct action on the sector other than requesting regulatory agencies to conduct a study on how to bring crypto assets under federal law.
Federal Agencies Are Strengthening Their Crackdown On Crypto Firms
With his statements, DeSantis may be referring to enforcement action undertaken by the Securities and Exchange Commission (SEC), which began with a regulatory crackdown on crypto exchanges operating in the United States.
In June, the financial watchdog filed lawsuits against Binance and Coinbase – two of the largest cryptocurrency exchanges in the world, accusing them of facilitating the trade of certain crypto tokens that the agency considers unregistered securities.
In its lawsuit, the SEC ordered both companies to delist 12 cryptocurrencies from their respective platforms. Coinbase CEO Brian Armstrong revealed in a recent interview with the Financial Times that the agency ordered it to stop trading all 200 cryptocurrencies listed on the exchange apart from Bitcoin.
The move came following comments made by SEC chairman Gary Gensler, who said all cryptocurrencies other than Bitcoin (BTC) and Ether (ETH) are securities. This contradicts statements made by DeSantis about the U.S. government trying to regulate Bitcoin “out of existence” because it “represents a threat to them”.
At a congressional hearing in March, Gensler explained that Bitcoin is the only crypto asset that can be deemed a commodity, and thus won’t be regulated like other securities such as stocks and bonds.
If Elected President, The Florida Governor Promises To Ban The Digital Dollar
Another topic of interest for the DeSantis campaign is banning central bank digital currencies (CBDCs). The Republican governor blasted the Biden administration’s efforts to issue a digital dollar and declared that on day one as President, “CBDC goes into the trash can”. Also adding that his administration would completely ban the use of CBDCs.
Last March, Biden signed an executive order asking regulatory authorities to come up with proper rules and regulations for cryptocurrencies and to work on developing a CBDC for the U.S. economy.
In May, DeSantis signed two bills outlawing the use of CBDCs in Florida and removing them from the definition of money within the state’s Uniform Commercial Code (UCC). At the time, the governor claimed that “Biden’s Central Bank Digital Currency” would increase government control over personal finances and will give credit card companies the power to shut off people’s access to their hard-earned money. DeSantis said his government values personal freedom and would not allow the “Big Brother’s” digital dollar in his state.
Upon announcing his 2024 campaign bid via X Spaces hosted by Elon Musk, DeSantis further clarified his position on Bitcoin, insisting that Americans have “every right” to make use of the cryptocurrency and warned that the future of the network is doomed if Biden remains in the White House.
Support For Bitcoin And Crypto A Major Talking Point Among 2024 Presidential Candidates
Other Presidential candidates have also voiced their support for Bitcoin and cryptocurrencies, including Miami Mayor Francis Suarez, DeSantis’s Republican rival Vivek Ramaswamy, and Democratic Party candidate Robert Kennedy Jr. (RFK).
The latter, who is widely popular among crypto enthusiasts, has proposed economic policies to incorporate Bitcoin into the country’s monetary system and tax code. The Democrat has plans to back 1% of U.S. Treasury bills with Bitcoin and also implement laws that will exempt small-scale Bitcoin investors from capital gains tax.
While DeSantis presents himself as the most crypto-friendly candidate among other possible GOP nominees for the 2024 election, he still trails way behind former President and Republican front-runner Donald Trump.
In 2019, Trump said that he is “not a fan of Bitcoin and cryptocurrencies”, claiming that the unregulated instruments could be used to facilitate “unlawful behavior, including drug trade and other illegal activity.”
The billionaire entrepreneur is yet to soften his anti-crypto stance but recently released a line of 45,000 non-fungible tokens (NFTs) commemorating his time in the Oval Office
