- Bitcoinย (BTC) persistsย to surface in political conversations in the U.S.
- Governor Ron DeSantis remains vocal about his support for the technology.
- The presidential candidate thinksย that theย current administration is opposed to Bitcoin.
As theย Unitedย States 2024 presidential election draws closer, Bitcoinย (BTC) is increasingly becoming a hot-button issue between aspirants.ย
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 Bitcoinย (BTC) while claiming theย 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 Muskย (Teslaย &ย SpaceX CEO) moderated by Deal Investor David Sacks on Wednesday, May 24.
During the Space, DeSantis arguedย that the President Joe Biden-led administration was against Bitcoin.
โ Theย present regime, clearly, has it out for Bitcoin,โ the candidate asserted. โAnd if it continuesย for another four years, theyโll probably end up killing it.โ
Reportsย by DeSantis, theย present administration was threatened by the digitalย currency because they had no control over it, opining that the administration was tryingย to suppress the nascent market with regulations.
On the other hand, the governor claimed to advocate for Bitcoin.ย
"I think people should be able to do Bitcoin," DeSantis claimed. "As president, we'll protect theย potential to do things like bitcoin."
DeSantisโ statements follow what numerous industry participants have likened to a tightening regulatory chokehold on the cryptocurrency industry in the Unitedย States in the wake of the FTXย Tradingย Ltd collapse.ย
An Industry-Wide Crackdown
Agencies like the Unitedย States Securities and Exchange Commission ramped up cryptocurrency enforcement efforts in 2023 with actions against enterprises like Gemini, Kraken, and Bittrex. Simultaneously, bank regulatoryย authorities, including the Federal Deposit Insurance Corporation, have announced informal guidance discouraging banks from serving cryptocurrency businesses.
The Biden administration has likewise wasย 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 DeSantisโ 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.ย
Why This Matters
With theย present state of cryptocurrency regulations in the Unitedย States driving enterprises abroad, a crypto-friendly administration could stem the tide.ย
Read this to learn more about DeSantisโ claimed support for Bitcoinย (BTC) and opposition to CBDCs:ย
DeSantis & Kennedy Jr. United in Opposition to CBDCs
Stay up to date on the latest happenings in the Coinbaseย Cryptoย exchange case against the SEC, seeking clarity on how digital investment securities are classified:
Coinbaseย Cryptoย exchange Defiant in SEC Lawsuit, Demands Court Intervention
