- Bitcoin (BTC) persists to surface in political conversations in the U.S.
- Governor Ron DeSantis remains vocal about his support for the technology.
- The presidential candidate thinks that the current administration is opposed to Bitcoin.
As the United States 2024 presidential election draws closer, Bitcoin (BTC) is increasingly becoming a hot-button issue between aspirants.
Florida Governor Ron DeSantis is between those that have made the leading digital investment a focal point of his campaign. The Republican presidential hopeful recently reiterated his support for Bitcoin (BTC) while claiming the present administration was out to eliminate it.
DeSantis States the Biden Administration Opposes Bitcoin
DeSantis kicked off his presidential campaign in a Twitter Space with Elon Musk (Tesla & SpaceX CEO) moderated by Deal Investor David Sacks on Wednesday, May 24.
During the Space, DeSantis argued that the President Joe Biden-led administration was against Bitcoin.
“ The present regime, clearly, has it out for Bitcoin,” the candidate asserted. “And if it continues for another four years, they’ll probably end up killing it.”
Reports by DeSantis, the present administration was threatened by the digital currency because they had no control over it, opining that the administration was trying to suppress the nascent market with regulations.
On the other hand, the governor claimed to advocate for Bitcoin.
"I think people should be able to do Bitcoin," DeSantis claimed. "As president, we'll protect the potential to do things like bitcoin."
DeSantis’ statements follow what numerous industry participants have likened to a tightening regulatory chokehold on the cryptocurrency industry in the United States in the wake of the FTX Trading Ltd collapse.
An Industry-Wide Crackdown
Agencies like the United States Securities and Exchange Commission ramped up cryptocurrency enforcement efforts in 2023 with actions against enterprises like Gemini, Kraken, and Bittrex. Simultaneously, bank regulatory authorities, including the Federal Deposit Insurance Corporation, have announced informal guidance discouraging banks from serving cryptocurrency businesses.
The Biden administration has likewise was known for harsh taxes on cryptocurrency miners while repeatedly placing cryptocurrency traders in the firing line in the ongoing debt ceiling negotiations with Republican lawmakers.
Mixed reactions have trailed DeSantis’ comments online as a cross-section of the cryptocurrency community remains skeptical of his intentions.
The other side
- DeSantis remains behind previous President Donald Trump in Republican polls.
- Candidates like Robert F. Kennedy Jr. and Vivek Ramaswamy have likewise expressed vocal support for crypto.
- Members of the cryptocurrency community have to be careful not to be swayed by promises without verifying the record of prospective presidential candidates.
Why This Matters
With the present state of cryptocurrency regulations in the United States driving enterprises abroad, a crypto-friendly administration could stem the tide.
Read this to learn more about DeSantis’ claimed support for Bitcoin (BTC) and opposition to CBDCs:
DeSantis & Kennedy Jr. United in Opposition to CBDCs
Stay up to date on the latest happenings in the Coinbase Crypto exchange case against the SEC, seeking clarity on how digital investment securities are classified:
Coinbase Crypto exchange Defiant in SEC Lawsuit, Demands Court Intervention