On May 24th, Florida Governor Ron DeSantis announced his US Presidential Campaign on Twitter Spaces alongside Elon Musk. With an audience of almost 300,000 listeners, DeSantis committed to protecting Bitcoin if elected, stating, “I think people should be able to do Bitcoin. As president, we’ll protect the ability to do things like Bitcoin.”
DeSantis’ comments emerge during a period when US regulators seem to have adopted a hostile stance towards cryptocurrencies. According to US SEC chair Gary Gensler, most cryptocurrencies should be considered ‘securities’ and fall under their jurisdiction. However, Bitcoin has so far managed to escape the securities debate, with top regulators predominantly recognizing it as a commodity.
In the primary election, DeSantis will challenge former President Donald Trump. A known advocate of decentralized cryptocurrencies, DeSantis has previously expressed his support and belief in allowing individuals to make their own decisions. He accepts the potential risks associated with cryptocurrencies but shunned the idea of controlling everything in this space. DeSantis asserted that the current regime is clearly antagonistic towards Bitcoin, which could lead to its demise if the situation persists for another four years.
In addition to his support for decentralized cryptocurrencies, DeSantis has criticized the development of central bank digital currencies (CBDCs) by the US and other countries. He contends that CBDCs are detrimental to Americans and could be exploited for surveillance purposes by the Federal government to monitor and control citizens’ financial habits.
Earlier this month, DeSantis took action against CBDCs by passing a proposed bill that would render them illegal under the Florida Uniform Commercial Code. He does not believe Congress would authorize a CBDC bill, as it would constitute a significant invasion of financial freedoms and privacy. DeSantis argued that should a central authority gain control over a CBDC, they could impose environmental, social, and governance (ESG) criteria, further constraining individuals’ financial autonomy and privacy.
Governor DeSantis’ remarks on Bitcoin and CBDCs demonstrate the ongoing challenges and controversies surrounding cryptocurrencies and their regulatory frameworks. Protecting the freedom to use decentralized cryptocurrencies like Bitcoin, while addressing the potentially harmful effects of centralized digital currencies, remains a complex issue for the future of finance.
As with any investment, thorough market research is vital before venturing into the world of cryptocurrencies. Please note that the author’s personal opinions may not necessarily reflect those of the publication, and neither party holds any responsibility for individual financial losses.