The latest contender for the Republican Party’s leadership, Ron DeSantis, has voiced his strong support for the cryptocurrency industry, going as far as to see the matter in terms of civil liberties. This comes in stark contrast to the current administration, which DeSantis believes is actively working against Bitcoin due to its disruptive nature. DeSantis, now officially bidding for U.S. presidency, expressed these views during a Twitter space with Elon Musk and venture capitalist David Sacks.
As Florida’s Governor, DeSantis has already demonstrated his crypto-friendly stance by signing legislation that prohibits the use of central bank digital currencies (CBDCs) within the state. However, there are some legal experts who question the efficacy of this law. DeSantis sees Bitcoin and other cryptocurrencies as a necessary alternative to traditional financial systems and government control, asserting that federal authorities are threatened by their existence.
DeSantis is also critical of CBDCs, emphasizing the importance of Congressional authorization and vowing to oppose them if he becomes President. The reasons for his skepticism range from concerns over potential misuse, particularly in cases involving politically unfavorable purchases, to the broader implications for civil liberties. Nevertheless, some argue that CBDCs could provide constitutional protections for commerce, granting unfavorable users a defense against unbanking that they cannot rely on with private companies.
It seems that the topic of CBDCs is becoming a polarizing issue in American politics, with DeSantis receiving numerous phone calls about CBDCs, according to Samuel Armes, President of the Florida Blockchain Business Association. The Association played a significant role in drafting the Governor’s anti-CBDC bill. Despite his strong stance on cryptocurrencies, however, DeSantis still trails former President Donald Trump in support among Republican and Republican-leaning voters, according to a recent Quinnipiac University poll.
It is worth noting that DeSantis is not the first Republican candidate to advocate for cryptocurrency. Former pharma entrepreneur Vivek Ramaswamy also touched upon the topic at a recent Bitcoin event in Miami, calling for the next election to be a “referendum of fiat currency” and expressing his opposition to CBDCs as well.
In conclusion, the growing prominence of cryptocurrencies and CBDCs is reshaping the political landscape, with figures like Ron DeSantis championing these technologies as a matter of civil liberties. However, concerns over potential misuse and broader implications for commerce continue to fuel skepticism. How these conflicting views shape the future of American politics remains to be seen.