In the early stages of U.S. presidential campaigning, crypto emerged as a hot-button issue. However, the recent Republican debate demonstrated that cryptocurrencies or digital-assets regulation might not garner mainstream attention. Despite the rising importance of regulating this emerging sector among lawmakers and financial regulators domestically and internationally, the topic was conspicuously absent from the candidates’ narratives. Irrespective of this silence, various candidates have undoubtedly articulated their positions, ranging from suspicion to enthusiastic adoption.
For instance, Donald Trump, the dominant Republican candidate, traditionally exhibited skepticism towards digital assets. Yet, this did not deter him from accruing profits from non-fungible tokens (NFTs) or having a commendable cryptocurrency wallet. However, during his four years in the White House, no significant cryptocurrency policy materialized. Most notably, one of his appointees, Brian Brooks, attempted to integrate the banking system with crypto, and his regulators permitted futures trading of Bitcoin and Ether.
In stark contrast, Florida governor Ron DeSantis is an overt crypto proponent. He vehemently opposes any future central bank digital currency (CBDC), instead endorsing Americans investing in Bitcoin and other digital assets. His criticisms target the current administration, which, according to him, is launching a war against cryptocurrency.
Biotech entrepreneur Vivek Ramaswamy also lends his status to the cause. He presents himself as the pro-Bitcoin candidate, fully understanding the “decentralized alternative” to the U.S. dollar. Additionally, the Miami Mayor, Francis Suarez, is arguably the biggest digital asset fan, even making public his willingness to accept his government salary in Bitcoin and campaign donations.
On the Democratic side, President Joe Biden has a significant and growing track record with crypto, based on his administration’s actions over the past three years. While the administration hasn’t crafted extensive crypto regulations, some proposals could impose severe restrictions on the sector. His direct involvement, though limited, came about through executive orders instructing his administration to establish oversight while allowing room for U.S. innovation.
Crypto regulation’s prominence in the lead up to the presidential election signifies its increasing importance in our socio-political landscape. Yet, the wide range of attitudes and understanding among candidates could prove to be a stumbling block rather than a pathway to much-needed legislation. It remains to be seen how digital assets will feature in the upcoming Republican primary debate and what ramifications it might have for the blockchain future.
Source: Coindesk
