- Digital assets emerge as a key focus in the 2024 US presidential election, highlighting Biden’s alleged missteps.
- DeSantis takes a strong pro-crypto stance, contrasting with rival Trump’s skepticism.
- Concerns arise over government abuses and potential regulations impacting the crypto industry.
Digital assets have emerged as one of the early focal points in the upcoming 2024 U.S. presidential election. In a surprising move, one of the prominent new candidates has even referenced Bitcoin in his campaign opener, using it as evidence of President Joe Biden’s alleged missteps.
@GovRonDeSantis announced he’s running for president on Twitter. This was by far the biggest room ever held on social media. Twitter performed great after some initial scaling challenges. Thanks Twitter Team for adapting so quickly to make history!https://t.co/mTJ2INQ1Y7— David Sacks (@DavidSacks) May 24, 2023
While the fiercest battle is expected to unfold among Republican contenders, with former President Donald Trump assuming the role of Biden’s primary nemesis, an unexpected challenge has emerged in the form of Florida Governor Ron DeSantis. DeSantis wasted no time in staking out a position on crypto, employing it as a political shorthand.
During his campaign’s launch on Twitter Spaces, DeSantis boldly stated, “The current regime, clearly, has it out for Bitcoin,” portraying crypto as a symbol of innovation and personal freedom. He further added,
Bitcoin represents a threat to them [current US regime]; they’re trying to regulate it out of existence.
Insiders and experts believe digital assets in presidential politics could expose government abuses. However, this focus may not advance crypto businesses’ goal of comprehensive regulations over political sentiments.
Meanwhile, Accusations abound that Biden’s administration is clamping down on emerging crypto businesses and pushing for a CBDC that critics see as a potential surveillance tool. DeSantis and Biden’s challenger, Robert F. Kennedy Jr., have voiced these concerns.
Moreover, DeSantis’ pro-crypto position sets him apart from his main competitor, Trump. The frontrunner for the 2024 Republican nomination stated in 2019 that he was “not a fan” of crypto, citing their volatile value and lack of tangible backing. However, Trump’s recent foray into selling NFTs has blurred his stance.
Two weeks before launching his campaign alongside tech mogul Elon Musk, DeSantis capitalized on his state’s so-called “ban” on a U.S. CBDC to create a political spectacle. Legal experts specializing in commercial law have pointed out that Florida’s action does not constitute a ban. Nevertheless, DeSantis’ enthusiasm may resonate with political supporters who are impressed by his zeal.
DeSantis’s pro-crypto position overlooks the global nature of cryptocurrencies, which operate independently of sovereign control. His suggestion that Democrats could “kill” crypto if given more time may underestimate the influence of U.S. lawmakers and the thriving potential of crypto in other global jurisdictions like Europe.
As the 2024 U.S. presidential election unfolds, it remains to be seen how the crypto industry will influence the political landscape and whether comprehensive regulations will emerge to shape the future of digital assets.
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