Republican Candidate Vows to Halt President Biden’s Alleged ‘War on Bitcoin’ if Elected

Florida Governor Ron DeSantis, a Republican candidate in the 2024 presidential campaign, has centered his platform on “economic independence,” with a particular focus on digital currencies. At a campaign event in New Hampshire on July 31, DeSantis reaffirmed his commitment to ban central bank digital currencies (CBDCs) if he secures the Republican nomination, wins the presidential race, and assumes office in 2025. Additionally, he pledged to put an end to what he referred to as President Joe Biden’s “war on Bitcoin and cryptocurrency” if he becomes president.

The specific policies DeSantis was alluding to in his remarks remain unclear, but he hinted at them being associated with the Federal Reserve. President Biden previously signed an executive order to establish a regulatory framework for digital currencies in March 2022. During Biden’s tenure, the Securities and Exchange Commission has filed multiple lawsuits against crypto firms, and the Department of Justice has overseen criminal charges against prominent figures in the crypto space.

Drawing a comparison to China’s CBDC trials with the digital yuan, DeSantis criticized the United States government’s intentions regarding a CBDC. He expressed concerns that the implementation of a digital dollar would be handled by “unaccountable elites” in the government and asserted that he would not allow such plans to proceed, vowing to discard the idea of a CBDC on his first day as president.

The campaign event in New Hampshire holds significance as the state hosts the first primary in the national race, making it a crucial testing ground for presidential candidates. Despite facing initial challenges in his official campaign, DeSantis remains the second most viable Republican candidate, trailing behind former president Donald Trump, who is also running for the party nomination.

Candidates from both major political parties, Democrats and Republicans, have shared their views on cryptocurrencies like Bitcoin and CBDCs. Democratic candidate Robert F. Kennedy Jr., though polling significantly behind Biden, has expressed support for cryptocurrencies and even disclosed his Bitcoin purchases during his campaign. On the Republican side, Miami Mayor Francis Suarez, known for accepting a Bitcoin salary and launching the “MiamiCoin” project, has also announced his candidacy for the party’s nomination in June. As the primaries approach in January, the final party candidate will be determined at the Republican National Convention in July 2024.

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