Republican Candidate Ron DeSantis Promises to Cease President Biden’s Alleged ‘Bitcoin War’ if Elected, Democratic Candidate Kennedy Jnr. Also Shows Bitcoin Support
Mitchell Nixon
During a campaign event in New Hampshire, Ron DeSantis stated, “As president, on day one, CBDC goes into the trash can — we’re not going to allow it.”
Florida Governor Ron DeSantis has centred his 2024 presidential campaign on a platform that includes “economic independence,” with a particular focus on digital currencies.
During a campaign event in New Hampshire on July 31, DeSantis restated his intention to prohibit central bank digital currencies (CBDCs) if he secures the Republican nomination and wins the presidential race, assuming office in 2025. Additionally, he expressed his plans to halt President Joe Biden’s perceived “war on Bitcoin and cryptocurrency” if he becomes the President.
The specific policies DeSantis was referring to remain unclear; however, he indicated that they might be connected to the Federal Reserve. In March 2022, President Biden signed an executive order outlining a regulatory framework for digital currencies. Under Biden’s administration, the Securities and Exchange Commission has filed numerous lawsuits against crypto firms, and the Department of Justice has pursued criminal charges against former FTX CEO Sam Bankman-Fried and former Celsius CEO Alex Mashinsky.
Drawing a comparison, DeSantis contrasted the United States government’s plans for a CBDC with those of China, where the central bank is currently conducting trials of a digital yuan. He expressed doubt, asserting that “unaccountable elites” within the government could not be trusted to manage the potential rollout of a digital dollar.
“[The Fed wants] to go to a cashless society. They want to eliminate cryptocurrency,” claimed DeSantis. “As president, on day one, CBDC goes into the trash can — we’re not going to allow it.”
Various candidates from both the Democratic and Republican parties, competing for a spot in the 2024 presidential election, have expressed their views on cryptocurrencies, including Bitcoin and CBDCs. Robert F. Kennedy Jr., a Democratic party candidate, who trails by approximately 40-50 points behind Biden in polls, has been vocal about his support for cryptocurrencies during his campaign and has disclosed making several BTC purchases.
“I’m going to back my words with actions,” stated the Democratic presidential candidate, reaffirming his endorsement of Bitcoin.
Kennedy Jr. confirmed he purchased a significant sum of BTC earlier in 2023, buying two Bitcoin for each of his seven children.
During a Twitter Space conversation on July 26, Kennedy revealed that he arrived at this decision following substantial criticism from crypto industry experts and mainstream media after expressing his pro-Bitcoin stance at the Bitcoin Miami Conference in May.
“I am not an investor, and I am not here to give investment advice,” he said.
Kennedy admitted that he faced criticism for advocating a “volatile commodity” without having any personal investment in it.
During his speech at the conference, he also disclosed that he would accept campaign contributions in Bitcoin, but he explicitly denied having any personal financial involvement in the cryptocurrency at that time.
During the interview, Kennedy reiterated his proposal to support the U.S. dollar with Bitcoin and to grant the asset immunity from capital gains taxes in the event of his election as President.
He emphasised that he views Bitcoin as a means of revitalising innovation in America. Additionally, Kennedy suggested that any capital gains tax exemptions related to Bitcoin conversions should be limited to smaller investors and businesses to prevent significant windfalls for larger corporations such as BlackRock and Goldman Sachs.
Will be an interesting watch to see how much bearing this has on the voting!