The recent announcement of Ron DeSantis running for president in 2024 has created significant discussions within the crypto community. Key takeaways from DeSantis’ remarks include his belief that crypto owners “have every right to do Bitcoin” and that central planners view Bitcoin as “a threat to them” that they want to regulate “out of existence.” He added that the Biden administration would ultimately seek to outlaw crypto, while proudly emphasizing that Florida last month became the first state to pass a law asserting it would never recognize a central bank digital currency (CBDC).
There’s no doubt that the last year under President Joe Biden has left the crypto community feeling a regulatory chill. Biden’s administration has seen financial-regulation nominees being guided by Senator Elizabeth Warren’s influence, and as a result, the crypto industry faces challenges such as Operation Choke Point 2.0, bank regulators exerting undue pressure on banks against doing business with crypto entities, and the Securities and Exchange Commission (SEC) adopting a policy of regulation by enforcement.
Contrastingly, DeSantis, known for his pro-market approach, has publicly expressed reservations about CBDCs and demonstrated his understanding of the fundamental values of cryptocurrencies which center around personal freedom, sovereignty, privacy, and innovation. With his pro-market track record and criticisms of a centralized digital currency, DeSantis stands as an influential crypto-friendly figure in the campaign discourse.
DeSantis’ stance on CBDCs is an indication of his understanding of the fundamental philosophy of cryptocurrencies as tools of economic sovereignty. This viewpoint resonates with many in the crypto community and suggests a policy approach that upholds the autonomy and privacy that decentralized digital assets were created to ensure.
As the discourse around cryptocurrency evolves during the campaign, the need for more than just token political support becomes evident. The industry requires leaders who can appreciate its complexities, identify its potential, and navigate the uncharted territory ahead. With his unique blend of pro-market pragmatism and insightful understanding of the ethos of cryptocurrency, DeSantis may be the figure to steer the U.S. toward a more innovative and crypto-friendly future. He will need to bring more direct policy ideas and crypto outreach to win over the crypto community on the campaign trail, but this announcement was a positive start.