Florida Governor and presidential candidate Ron DeSantis has publicly criticized the Biden administration for its alleged hostility towards Bitcoin and other cryptocurrencies. During a campaign event in New Hampshire, DeSantis pledged to put an end to what he termed as “Biden’s war on Bitcoin and cryptocurrency” if he is elected as the next U.S. President. He emphasized that under his leadership, Americans would be allowed to invest freely in Bitcoin and other digital assets.
The Republican has shown support for the use of Bitcoin and remains impartial towards the technology. However, he strongly opposes the current administration’s plan to introduce a Central Bank Digital Currency (CBDC) and has vowed to discard it on his first day in office if elected as President. In May, he signed a state-level bill prohibiting the issuance of a federal CBDC in Florida, citing concerns over financial surveillance.
Following his announcement to run for office, DeSantis participated in a Twitter Spaces conversation with Elon Musk to further explain his stance. He emphasized that individuals have the freedom to participate in Bitcoin while expressing concern that the network could face challenges if Biden wins the upcoming election. Despite this, he remains in favor of the technology. DeSantis stated that Bitcoin is seen as a threat by some and they are attempting to regulate it out of existence.
The SEC’s and Biden’s crypto stance
DeSantis’ comments likely refer to the recent actions the Securities and Exchange Commission (SEC) took against multiple cryptocurrency exchanges, including Coinbase and Binance. While the SEC is an independent agency, its commissioners are appointed by the President, suggesting a level of executive influence over its decisions.
However, the Biden administration’s stance on cryptocurrencies remains somewhat unclear, with few direct actions taken against the industry beyond instructing regulatory agencies to study it and develop oversight strategies.
Some members of Congress are working on passing laws to make the crypto regulatory landscape clearer, but Rep. Patrick McHenry (R-NC) has also criticized the White House for not being willing to negotiate on these issues.
DeSantis’ pro-crypto views amid presidential race
DeSantis’ pro-crypto stance sets him apart from other presidential candidates, including former President Donald Trump, who has expressed skepticism about digital assets. Despite trailing behind Trump in early polls, DeSantis continues to highlight his support for cryptocurrencies as a key difference between their platforms.
Even though the Florida Governor previously accused Biden of pushing for a digital dollar, the current administration has not yet taken a definitive position on issuing a central bank digital currency.
The upcoming presidential race could have significant implications for the future of Bitcoin and other cryptocurrencies in the U.S. As candidates like DeSantis continue to express support for the crypto industry, the election’s outcome could potentially shape the regulatory landscape for digital assets in future years.
